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First-time sponsor QBE secured $250mn of quake and storm coverage. -
The broker estimated ILS capital has reached $107bn.
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Homeowners’ insurance rates have spiked almost 60% since 2018.
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Casualty ILS made inroads, while hurricane hedging strategies came into focus.
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The storms struck Victoria, New South Wales and Queensland.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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Everest is in the process of transforming its ILS offering.
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The pricing multiple on the deal is 12.1x the sensitivity case expected loss.
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TSR anticipates that next year will see an ACE value of 129 compared with the 30-year norm of 122.
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Losses are concentrated in the states of Baden-Wuerttemberg and Bavaria.
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The carrier attributed the intensification of storms this season to climate change.
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CEO Jonathan Zaffino said he saw opportunities for expansion in casualty.
