Hurricane
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USAA’s losses put it on track to recoup another $82mn from its cat bonds, following a projected $182mn recovery in 2017. -
The fund incurred most of its losses in the fourth quarter.
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Other worldwide fourth quarter events contributed $75mn, while Michael and the wildfires made up the bulk of its losses.
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The cat bond is the first since 2013 for the state wind pool.
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In the US, renewal results varied widely and wildfire losses were a subject of focus.
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The final couple of months of 2018 brought further pain for sidecar investors.
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Due partly to loss creep from Irma, ILS losses have been eked out throughout the year.
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A decrease in capacity following last year’s losses is thought to be one of the largest drivers of the rate increase.
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The crucial thing for the industry now is that the nuances of the lessons from 2017-2018 are heard.
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The Bermudian specialty carrier also announced that it had strategically increased the use of its third-party capital.
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Cat bond investors have varying rights to share in subrogation benefits, as it has emerged following the Californian wildfires of 2017-2018.
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The New York-listed company said in December it expected $17mn catastrophe losses in its Q4 results.
