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Normalized cat returns of 25%-30% do not seem to be persuading reinsurers to dial up risk. -
Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
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If the company does not cure the event within 10 days of the missed payment or September 25, an event of default will occur.
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The shares expected to be bought back in the tender offer represent around 11.5% of White Mountains' shares outstanding as of August 19.
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The InsurTech’s stock price was down as much as 9% in after-hours trading following the announcement.
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US investments in the ILS and cat bond market are highly concentrated with five companies accounting for 70% of industry investments.
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Reinsurers are more bullish about their prospects than they have been in years, but start-up and ILS fundraising is a desert.
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The funds are expected to drive additional growth through market expansion and accelerate the deployment of Patra's technologies.
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Sources noted that competition has expanded from excess layers into the primary market – and that has been a major development since the beginning of the year.
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The new funding brings the total Ategrity has received from Zimmer since 2018 to $300mn.
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A differentiated investment strategy has led to increased value creation and price-to-book multiples for a small group of specialty carriers.
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Berkley also increased its position in Global Indemnity and now owns around 8.5% of the firm.
