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The carrier’s Milton loss came in below expectations, but its fire claims will be “material” in Q1. -
Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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Most carriers paid more in homeowners’ claims than they collected in premiums.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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Two 2021 worldwide aggregate ILW notes are also among the markdowns.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The bond is split into five tranches, with two notes offered on a zero-coupon basis.
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The former Credit Suisse ILS head Niklaus Hilti said working on life buyout hedges could rejuvenate the life ILS market.
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The carrier has received more than 3,600 claims from LA wildfires.
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The vehicle has $2.55bn in capital committed by institutional investors.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
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