Commercial auto
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Andrade flagged expected 5% to 10% increases in the US and Europe. -
The backing represents a rare move from a collateralized reinsurer to take on risk in the legacy space.
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This latest funding round brings total committed capital for the collateralized reinsurer to $75mn.
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The deal values the Bermuda casualty re subsidiary at 0.75x book with James River to receive $138mn in cash and a $139mn pre-closing dividend.
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The transaction covered a portfolio of $250mn in casualty risk premiums.
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The firm will focus on high-frequency, low-severity risks including personal and commercial auto, general liability, workers' compensation and professional lines.
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This takes its ex-Florida cat losses since the start of its reinsurance annual risk period in April above $2bn.
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The former analyst at Aeolus joins the growing number of ILS experts to join the firm.
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The unit will aim to grow captive solutions and structured solutions.
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A landfall at Category 3 or 4 along the west coast of Florida later this week would be one of the more damaging scenarios for Ian.
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The broker found reinsurers’ underlying RoE had improved during the period but still fell short of the cost of capital.
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The broker said EPS estimates for 2023 were broadly flat due to inflation fears.
