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The firm ceded $417mn of premiums to the sidecar in 2024. -
The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
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Several Florida start-ups are poised to begin writing business this year.
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Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said.
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Total combined losses for the agency’s Helene and Milton estimates stand at $31.8bn.
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The carrier said 72% of those losses occurred in personal property.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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Insurance Insider ILS revealed last week that the executive was leaving Property Claims Services.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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The Class B segment of the bond has priced below initial guidance.
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More than 33,000 claims had been filed as of 5 February.
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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
