Hurricane
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The carrier’s latest treaty offers $1.01bn of cover, down from $1.24bn last year.
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An active hurricane season could further amplify RoL increases, the investment bank warns.
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The reinsurer has lowered its spread guidance for both layers of the deal, sources said.
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Earlier this week, Guatemala received a $3.6mn payout for losses incurred from tropical storms Amanda and Cristobal.
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Covid-19 claims could make the year the most expensive on record, the broker warns.
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The insurer has raised its projected policy count by 20 percent.
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Florida Citizens received more than 500 new Irma claims each month up until April, which has slowed 30 percent from 2019.
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Like with Hurricane Irma, the pandemic loss is the kind of disaster that does not highlight the strengths of the collateralised reinsurance and retro model.
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Bermuda-based cedants would cede roughly 70-80 percent of peak cat losses to reinsurers, the body said. -
The bond’s spread was increased twice as Avatar looked to secure $65mn of limit in the hard Florida market.
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High Atlantic sea surface temperature is one driver of the forecast.
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This would be the reinsurer's fourth cat bond of the year.
