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Sources added that the company will continue to monitor portfolio performance to reopen business on a state-by-state basis. -
The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.
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Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
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Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory.
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The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
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The downgrades reflect the negative impact of challenging macro-economic trends on underwriting results and risk-adjusted capitalization.
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The AuM total hits $12.1bn when including Top Layer Re and RenRe’s own participation.
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New CEO Ami Barlev – who has a background in tech, AI, comms and real estate – said he took the role at an “extremely difficult moment” for the InsurTech.
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The Bermuda sidecar was established last year to support property cat underwriting in a hard market.
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Due to the collapse of the value of the lira since February, payouts are worth less in dollar terms.
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business.
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The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.
