ILS
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LiquidX is a trade finance and trade credit insurance exchange that has executed more than $21bn in trades since 2016.
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The deal will see HSCM founder Millette and HSCM Bermuda clients assume majority control of the holding company. -
This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
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ADIA, Crestview and CVC back a fundraise equivalent to 45 percent of pre-transaction equity.
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The impact of the pandemic on the mortgage insurance market has been muted thus far.
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Minimum standards will include full communicable diseases and wildfire exclusions, the ILS fund has said.
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The carrier failed to secure sufficient investor interest for the transaction.
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Private ILS strategies largely escaped losses from the Australian wildfires, ILS Advisers said.
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Kara Owens said investors’ understanding of cyber insurance has evolved.
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The issue will effectively renew quake and storm cover, with one of the company’s $100mn bonds expiring in June.
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The MGA is backed by (re)insurance capacity from Markel, through the carrier’s Nephila insurance-linked securities fund.
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Costs associated with Markel's investigations into Catco drove ILS expenses up tenfold for the insurance group in 2019.
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