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Theo Norris joins from Gallagher Re, which brokered one of the first 144A cyber cat bonds. -
The industry loss number has increased threefold from an initial $5bn pick.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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He was appointed acting CEO earlier this month, after Andrade’s departure.
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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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 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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The estimate has reduced slightly since the modeler’s last update in October.
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
