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The aim is to launch a casualty ILS product that would enable Saudi investors to access US casualty risk. -
The flooding resulted in the costliest weather event for New Zealand’s insurance industry to date.
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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 Chicago-based carrier is targeting $100mn of Florida named storm coverage.
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Yaworsky has served as interim insurance commissioner since being nominated by Governor Ron DeSantis last month.
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The loss aggregator raised the quantum from its third estimate of A$6,292mn, put out in early September.
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Reinsurers congregating in Bermuda flagged a lack of interest in helping under-capitalised Floridian insurers and under-priced diversifiers, with positive implications for ILS participation.
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The company also expects the overall decrease in loss expenses due to the recent Florida legislation to be on the lower end of 25%-40%.
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The division is deploying its own capital to make up for the lack of wider reinsurance and ILS capacity.
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Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.
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The MGA is seeking to double premium from $1.5bn over the next four to five years.
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The transaction builds on a $1.15bn first-of-its-kind hybrid bank and ILS capital deal in April last year.
