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The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said. -
The bond will provide coverage for any named storm in the state of Florida.
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The broker has spent around 15 years working for Aon’s reinsurance unit.
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The insurer is seeking $100mn in Class A notes and $50mn in Class B notes.
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Exposure growth in Japan was in the low-single digits, reflecting a more modest inflationary environment.
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The firm noted that investor pushback at the January renewal had resulted in "the cleanest risk" being transferred to the capital markets.
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The company said the result was "encouraging given the challenges of ILS capital raising".
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The firm will focus on high-frequency, low-severity risks including personal and commercial auto, general liability, workers' compensation and professional lines.
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The carrier said ~$170mn of the total expected losses came from the three March storms that affected several US states earlier this year.
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On March 31, the National Weather Service counted 618 storm reports and 104 tornado reports, both records for the year to date.
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The new offering is structured to solve ongoing ILS market problems including trapped capital, extended settlement times, economic inflation, social inflation, non-modelled risks and pricing uncertainty.
