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The ratings agency expects insured losses of around $5bn for Helene. -
Tallahassee avoided a major hit – but flood and storm-surge losses remain unknown.
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An unexpected shift east towards Tampa could push losses beyond $10bn.
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The facility will provide reinsurance coverage over three underwriting years.
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The deal is offering a multiple of 11.3x on the expected loss.
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Floir approved nearly 650,000 policies for takeout from Citizens for October and November.
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The bond offers a multiple of 11.3x based on a modelled expected loss of 0.93%.
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The effort will draw from California’s research and higher education communities.
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The estimate is like others in the market, suggesting a relatively small loss from the event.
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Brokers expect strong competition at remote risk layers at the 1 January renewal.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
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Nick Pritchard has been appointed underwriting portfolio and alternative capital manager.
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