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Arch Capital backed hedge fund carrier’s outlook graded “stable”.
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The issuances from United Insurance Holdings (UPC), American Integrity Insurance Company and Safepoint point to a slight hardening of the market.
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Nephila has also stopped buying ILW cover as the market of buyers shrinks.
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Investors remain committed to the insurance-linked securities market even if first-quarter issuance has dropped dramatically.
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Allianz, Swiss Re or, let’s be honest – Convex – would have been better for John Neal. But Samsung Fire & Marine’s decision to buy into Lloyd’s business Canopius represents a highly positive codicil to last week’s strategy announcement.
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The insurer expects to complete its Florida placement later this quarter.
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Loss-hit issuances from Nationwide Mutual, Heritage and USAA all traded close to zero this month, among a recent flurry of activity on the secondary market.
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Initial guidance on the latest Residential Re transaction points to a spread well above comparable deals.
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The insurer predicted catastrophe claims of $381mn for March.
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AM Best has put the AmTrust subsidiary's financial strength rating under review with positive implications following the sale announcement.
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Early paying of premiums could draw in capital, panellists told a Trading Risk event.
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Traditional equity capital fell 5 percent to $488bn while ILS capital rose by 9 percent to reach $97bn.