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The reinsurance pact with Enstar’s Cavello Bay has an aggregate limit of $1bn. -
The landmark transaction with Sentry requires court clearance after gaining the state insurance commissioner’s nod.
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The legacy carrier is the first to utilise a recently enacted framework in Oklahoma.
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The legacy bidder prevails over Enstar, Premia and start-up Marco.
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Transaction marks the company’s second mortgage ILS deal of the year.
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Sources said the liabilities relate to business written by unit Mid-Continent Casualty Company.
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Reserves in scope have not been finalised, but sources estimated the figure to be in the low hundreds of millions of dollars.
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The deal sets an exit plan for Stone Point from the Bermuda group’s North Bay entity if that business isn’t reorganised by year-end.
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The deal, first announced in March, secures Aspen $770mn in cover for losses in excess of $3.8bn, as well as $250mn in excess $4.8bn.
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The impact of the pandemic on the mortgage insurance market has been muted thus far.
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The carrier has agreed to reinsure legacy business underwritten by Zurich from 1 October 2015 to 30 September 2018.
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As the pandemic unfolds, the mortgage (re)insurance market—a boon to the industry since the last economic crisis—is more exposed to the larger macroeconomic cycle than the traditional P&C business.
