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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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The new funds raised at 1 January are dedicated to its retro-focused Upsilon fund and its Medici cat bond strategy.
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The investment comes as the Indiana Public Retirement System exited Nephila’s Palmetto fund in pursuit of a more diversified ILS strategy.
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The figures reflect expectations that sponsors will return to the ILS market to seek cover as rates stabilise. -
The cat bond could help lower barriers to collateralised participation in primary business, says the ratings agency.
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Fema deputy administrator for resilience Daniel Kaniewski said it could be argued the agency created a “moral hazard.”
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The insured loss total is more than one third down on the 2018 tally of $80bn.
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Ali will take charge of Hamilton’s future cat bond placements, having been involved in the recent renewal of its sidecar Turing Re.
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Losses arise from four events plus reserve re-estimates.
