Chubb
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The commercial carrier also reported a Hurricane Milton pre-tax net loss forecast of $250mn-$300mn. -
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The carrier has also extended the redemption period by three years, to 31 March 2029.
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Chubb’s East Lane Re bond is the third cyber cat bond in 144A form to enter the market.
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Sources have said the layer will provide the carrier with protection for the Northeast US only and attaches at a remote level.
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The carrier was originally in the market for extra capacity at January 1 before pulling plans.
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The CEO said Chubb has ‘never seen better pricing’ on primary property.
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O’Donnell will focus on strategic and tactical operations within global reinsurance alongside his continuing responsibility for Chubb Tempest Re USA.
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Excluding agriculture, Chubb’s P&C CoR rose to 85.9% in Q4 from 85.4% the prior-year quarter.
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New demand for reinsurance cover that was expected to come to the market around the January renewals is being reined in as insurers recognise the extent of the hardening market.
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Analysts said attachment points are now far behind the rate of inflation over the period.
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The insurer takes a $1bn retention on US losses but could have made some reinsurance recoveries.
