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Transaction marks the company’s second mortgage ILS deal of the year.
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The former RenRe third-party capital chief joins the Bermudian ILS firm. -
The ratings agency expects the residual market to grow as private carriers are under pressure.
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Two ILS leaders are working on a new launch with strategic broker and reinsurer alliances in place, sister title Trading Risk revealed.
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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.
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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.
