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She had served as director of underwriting at Nephila since mid-2018. -
Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
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The executive chairman has sold around half of his holding back to the company.
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It is understood that the Miami-based underwriter will continue operating with capacity from Bermudian carrier PartnerRe and Mexican reinsurer Patria Re.
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For the ILS market, perhaps more than any other, the outcome of this year’s high inflation is still to be determined. Unlike other industries that are suffering increased immediate costs, this sector’s performance – as always – is ultimately driven by events no one can foresee.
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Rate increases achieved at 1 January will help carriers keep pace with inflation, the agency said.
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The executive was previously head of casualty underwriting for EMEA.
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The state is contending with flash flooding, mudslides, rockslides, power outages and high winds.
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The new firm has registered Jireh Re (SAC), an unrestricted special purpose insurer, with the Bermuda Monetary Authority.
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Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
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The increase mainly stemmed from an influx of personal property claims.
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The firm elevated Justin O'Keefe, Cathal Carr, Fiona Walden and Bryan Dalton to US and Bermuda, Europe, casualty & specialty, and property CUOs, respectively.
