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The LA wildfires resulted in the largest insured loss of the year, at $40bn. -
November hailstorms and current storms and bushfires racked up claims.
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The fund will offer additional spread versus other similarly rated corporate debt.
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The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.
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Cedants pursued property renewals “aggressively” amid excess reinsurer capacity.
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This was the second issuance completed by Farmers via its Bermuda reinsurance vehicle Topanga Re.
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The SPV will underwrite a “broad and highly diversified” portion of Amwins’ ~$6bn delegated authority premiums.
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The Carlyle and Hellman & Friedman vehicle will sell for 1.5x book value.
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Los Angeles wildfires and SCS pushed US losses to $89bn.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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Fears relating to an economic downturn continue to dominate concerns.
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The peril has been historically difficult to model compared to others.
