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Florida insurers are running up high costs of settling claims linked to Hurricane Irma, as loss adjustment expense levels reach roughly 20 percent or more of total claims, sources have told Trading Risk.
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If ILS capital is designed to be the ultimate home for catastrophe risk, how far should asset managers look to hedge their investors' bets?
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Many of the ILS market folks who gathered in Miami this week for the Sifma IRLS conference would have been hoping for brighter skies than awaited them at home, as storms converged on both sides of the Atlantic.
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Wildfire losses had a varying impact on some of the reinsurer-affiliated ILS platforms in the fourth quarter.
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Bermuda-based (re)insurer XL Catlin placed more than $500mn of new catastrophe limit for 2018 and increased alternative market retro support to more than $3bn, as ceding strategies among major carriers diverged following last year's losses.
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The 2017 calendar year was the costliest on record for weather events, with insured losses estimated at $132bn, according to Aon Benfield's Impact Forecasting.
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Abuse of side pockets in the financial crisis - when hedge funds locked in investors to avoid having to sell off discounted assets - has made the practice less palatable in the wider financial markets.
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AIG's surprise move to take over AlphaCat parent Validus continues the trend for reinsurer-affiliated asset managers to dominate M&A activity within the ILS management sector.
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Diversification has been the flavour of the week for my colleagues writing comment pieces over the past few days, influenced by developments such as RenaissanceRe's move to invest in legacy and life risks.
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Did the reinsurance market get served a half-empty or half-full glass at the January renewals?
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Is the combination of the Harvey, Irma and Maria (HIM) hurricanes a once-in-a-career event for reinsurance underwriters or likely to happen more often?
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Some of the ILS platforms run by the major catastrophe reinsurers appear to have taken heavier losses from the third quarter disasters relative to the burden on their parent companies, but there are a variety of reasons why this has proved the case.