Hurricane
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Uncertainty on non-damage BI is driving some total loss estimates even higher, UBS noted. -
A now-defunct bill that would have banned “contingency risk multiplier” fees passed the House but survived just ten days in the Senate.
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The firm has already raised over $600mn from two Matterhorn Re cat bonds issued earlier this year.
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The decision comes as Lloyd’s and other insurers are named in a coronavirus class action lawsuit by restaurateurs and bar owners.
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Its pandemic maximum loss is projected at half the levels from a North American hurricane.
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Modelling firms said there were too many variables to quantify the impact, but many factors could escalate claims.
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The scheduled capital release next month stems largely from 2019 side pockets, the company said.
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Demand for collateralised reinsurance could rise in June and July if cedants set the right price, the ratings agency said.
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The insurer's reinsurance budget remains stable as it prepares for possible growth.
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John Neal said losses would be significant, but not unmanageable.
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The forecaster expects activity to be 5-10 percent higher than the past 10-year average.
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Insurers are increasingly turning to the state-backed reinsurer for capacity.
