Commercial lines
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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‘Life-threatening’ storm surge and hurricane-force winds expected for the state, according to the NHC.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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A hurricane watch is now in effect for the Louisiana coastline.
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The carrier said European cat business needs further price improvement.
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Some Canadian cedants have approached the market for top-up cover.
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The number of sponsors has risen from 46 about a year ago to 66 over the last 12 months.
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The transaction complements its previous acquisition of RMS in 2021.
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The US carrier abandoned the project due to high price expectations.
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Sidecar vehicles are being tailored to match investors’ objectives.
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The executive explored ILS options as MD of hedge fund Horton Point post financial crisis.
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The moves mark a major step in realising “trillion dollar” casualty ILS potential, according to Ledger Investing CEO Samir Shah.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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The broker said global cat rates rose 3% in the 1 January reinsurance renewals.
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The reinsurer said hardening of property reinsurance conditions must continue.
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Experts agreed that investment in understanding wildfire risk had come a long way in recent years.
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The transaction covered a portfolio of $250mn in casualty risk premiums.
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Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory.
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The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.
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The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.
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The aim is to launch a casualty ILS product that would enable Saudi investors to access US casualty risk.
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The casualty ILS fund has been on a hiring spree since its $75mn Series B fundraise in June last year.
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The former analyst at Aeolus joins the growing number of ILS experts to join the firm.
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Transparency and alignment of interests are the keys to expanding casualty ILS.
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The casualty ILS platform said it now expects to do more secondary transactions.
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UPC policyholders could be force-placed by their mortgage lender.
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Carriers have received more than 8,000 flood claims since 1 July.
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The property reinsurance market may be fast approaching a true ‘hard’ market, the broker said.
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The ILS fund said the funding would support the company’s growth prospects.
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Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.”
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Policy holders The Taphouse Townsville and LCA Marrickville, and insurer IAG have each filed applications for special leave to appeal to the Australian High Court.
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The court upheld decisions made in October, although it reversed some elements of the case between IAG and Meridian Travel.
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Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
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The firm says it has condensed the securitisation process into weeks rather than months
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After raising around $150mn to open its Nanorock fund, Ledger Investing believes casualty business is set to capture more investor interest.
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The broker expects ongoing single-digit growth within the ILS market.
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The firm will begin writing middle-market commercial business this month.
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The November gathering will aim to combine a virtual segment and a “scaled-down” live event held in line with health and safety protocols.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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The executive said reforms will help insurers, but more challenges remain to be tackled, as local executives remain divided on the potential impact of the legislation.
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This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.
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The carrier last year said its K sidecar would pick up Covid claims over time.
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The firm reported an industry-wide loss of $36.8bn caused by the pandemic, up from $29.5bn in Q3.
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The tally so far comes in far below the broker’s year-ago estimate of $80bn for a twelve-month lockdown.
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The organisers pledge to return to Monte Carlo in September 2022.
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The firm reported a $100mn drop in ILS AuM to $1.4bn, although previously had said deployable capital was lower.
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Some had argued that the definition of occurrence used by judges could make it harder for insurers to aggregate treaty claims.
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The carrier revealed 10.9% premium volume growth at 1.1.
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The fund’s worst ILS return to date is understood to be driven by investments hit by Covid-19.
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Some pointed to low average costs to fix burst pipe claims, while others warned that BI could drive up losses.
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The EU’s chief insurance supervisor wants capital markets to augment the capacity provided by traditional (re)insurers.
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The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
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The European (re)insurance supervisor said correlation to financial market risk made the idea a challenging one while reinsurance appetite is also very limited.
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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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The analyst predicts the insurance sector could experience its best performance in nearly a decade.
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The ratings agency foresees no “material effect” on the capital or earnings of UK commercial property insurers following the Supreme Court ruling.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
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The firm aims to use AI to fill the protection gap left by “black swan” events like Covid-19.
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Some markets on the programme have pushed back on the inclusion of event cancellation exposures.
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This came after analysts said reinsurers could face further cat losses as a result of the case, although XoL claims are likely to be disputed.
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Citizens projected it would cede $94mn in storm losses to reinsurers but has cut this to $62mn.
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The court’s decision was the final step in a protracted legal battle stretching back to May last year.
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The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
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The consultancy said losses were expected to keep mounting following Q4 disclosures.
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Losses were relatively evenly divided between the two events.
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The insurer said its reserving was still adequate after the court supported its overall approach, but said biosecurity exclusions were not sufficient to decline claims.
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The regulator says that the insurance sector had remained resilient this year but faced ongoing threats.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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Carriers have raised $19bn so far this year, with another $3bn in the pipeline, the broker says.
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Former president Widdicombe has taken the role of chairman, as planned, but won’t serve on any board committee.
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The German carrier pegs the full-year impact of the pandemic on its reinsurance operations at EUR3.4bn.
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The carrier seeks to address potential BI liabilities following a court ruling.
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A fresh BI ruling in Australia this week highlighted the industry's reason for caution over Covid exposure as legal actions continue.
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The carrier plans to raise A$750mn in new equity capital to help shore up its balance sheet, and has further eroded its aggregate reinsurance.
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Both Suncorp and QBE said multiple tests applied to trigger BI coverage, with QBE saying aggregate reinsurance should mitigate net exposure.
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Court rules policy exclusions referring to outdated law not valid.
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Nearly 80% of respondents said underwriting capacity decreased in the quarter.
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Australian carrier ups coronavirus BI provision to A$195mn.
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The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers.
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Sources think the court ruling in favour of a German beer hall in October could have widespread repercussions.
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The carrier has fully eroded the retention on its group aggregate cover, limiting Q4 cat exposure.
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The reinsurance CEO says Swiss Re will cut back its US casualty share.
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The case was launched after thousands of businesses attempted to claim on their insurance for Covid-19 related BI.
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Applications have been filed for a 2 October hearing.
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The president and CEO urges wordings precision to avoid cyber-related litigation.
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If reinsurers prevail in limiting insurers from aggregating BI claims, this will shield retro markets.
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The multidistrict litigation panel is expected to reach a decision by early next week.
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Financial Services Director General John Berrigan wants to establish a new working group which will report back with proposals in the first quarter.
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The latest estimate is marginally below a previously disclosed $75mn UK BI claims cap.
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The Swiss carrier says any increase in P&C claims arising from the ruling won’t materially impact its earlier assessment of $750mn in Covid-19 claims.
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The insurer could have total gross losses of more than EUR500mn, according to a French publication.
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The estimate fell below the midpoint of Hiscox's prior modelled BI loss range.
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Reinsurance recoveries and a drop in overall claims will offset the BI loss hike.
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Alternative capital reduced by around $3bn in H1 2020 due to trapping.
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A New South Wales Supreme Court judge gives the go-ahead for the hearing to start on 2 October.
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Storm surge losses are expected to remain under $500mn.
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Nearly 1,000 insurance disputes over pandemic coverage were filed by the end of July, according to data highlighted by sister title Inside P&C.
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The research firm says the pandemic will become the leading example of “silent” coverage uncertainty.
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Earlier this month, we recapped some of the issues causing rising tensions in the retro market, where providers are pushing for release of capital trapped in connection to Covid-19 claims.
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State Farm policies in question contain a virus exclusion, protecting the insurer from liability.
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The UK insurer has exposure to BI losses through a Canadian dentistry book.
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The retro vehicle has only picked up a small share so far but this will grow.
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With the fundraising season approaching, tensions are rising over several points of dispute.
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The law firm representing customer action groups claims brokers discouraged policyholders from lodging Covid-19 claims.
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The judges will now consider their verdicts, with an ambition to produce a draft judgement in mid-September.
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An unspecified superior court will hear the ICA-funded case, with the outcomes used by the Australian financial ombudsman.
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The (re)insurance supervisor calls for “skin in the game” from all risk owners to reduce the risk of moral hazard arising from any state backstop.
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In a joint defence, eight carriers in the High Court case reject FCA’s interpretation of proximate cause.
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The regulator says that the losses were caused by a “jigsaw” of events that should be considered as a whole.
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Insurance bodies including APCIA and NAMIC strongly oppose the draft legislation.
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The deal will generate proceeds of more than $1.5bn for the Karfunkel family and including a dividend is pitched at 69 percent more than Tuesday's close.
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Property BI claims appear well below treaty reinsurance triggers.
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The insurance industry's early victory could set a precedent for the many pandemic-related disputes in train.
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The FCA test case for Covid BI claims could have huge implications for insurers.
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To what extent does the business opportunity for new start-ups rely on BI losses that the industry is vigorously rebutting?
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As many parts of the world start to emerge from lockdown, potential Covid-19 BI claims are yet to be tested.
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A Hiscox group is seeking £52mn while lawyers for a QBE group action have secured funding.
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The late July High Court hearing will also involve Arch, Argenta and QBE.
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The risk of insurers having to make partial upfront payments up is likely to be highest in Continental Europe, Philip Kett adds.
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The CIAB’s latest market survey also found carriers pushing for higher deductibles.
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The insurer has a $75mn retention in place under its treaty.
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The carrier has said it will appeal the court’s decision as it remains convinced the policy doesn’t cover such a claim.
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The scheme could see claimants in different sectors offered pence per pound of limit purchased.
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Collateralised re and sidecars are more likely to become subject to legal disputes around wording, the agency said.
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The carrier is one of a few that offers affirmative BI cover.
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The carrier’s P&C division could miss its 2020 operating profit target by 20 percent, CFO Giulio Terzariol said today.
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