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Evercore is leading the capital raise process and Aon is assisting with the Lloyd’s application process. -
The bond is seeking coverage for named storm, severe thunderstorm and winter storm.
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There was a 12% increase in flood sums insured to C$7.3tn.
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Amy Stern started her career as vice president of group reinsurance at Zurich Re.
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Loss estimates are coming in for the weather event in Bavaria and Baden-Württemberg.
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The deal is offering a multiplier of 6.6x on the expected loss.
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Torrential rain caused flash floods in the Gulf States in the middle of April.
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The firm’s P&C and life and health retro buying is being centralised.
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The losses added 12.3 points to the firm's 100.4% CoR.
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The loss follows the pattern of 2002 and 2013 European flooding.
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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
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Reinsurers “weren’t getting paid” before 2023’s hardening, the Lloyd’s executive argued.
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