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The company will use the funds to expand its global presence, enhance its marketplace platform and widen its offering. -
CEO Rob Berkley said the company would likely participate in the space for one to three years if rates remain favorable.
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Winter storms in the first half of 2022 are expected to result in claims totalling EUR1.4bn.
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A special session in December and prohibition of assignments of benefits have been cited on the Florida campaign trail.
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The insurer said the estimate represents a 13.9-point impact on its Q3 combined ratio based on earned premiums.
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The insurer took $28mn in net Hurricane Ian losses and warned inflationary pressures surpassed expectations in general in Q3.
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The firm disclosed that ex-cat unfavorable prior year reserve reestimates totaled $875mn, of which $643mn were related to its personal auto unit.
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The firm’s capital and risk solutions segment has been growing its reinsurance business this year.
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The carrier expects its underwriting track record to help it secure favourable reinsurance terms in a tough market.
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The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
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Lower-attaching Florida ILWs had been more in demand at this year’s mid-year renewals.
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The carrier is the latest in a string of primary insurers to provide loss estimates.
