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Catastrophe losses saw a 31 percent hit to the fund's 2019 portfolio with attritional losses coming in more than three times as high as budgeted.
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The firm's K sidecar avoided major Dorian claims, as the firm also grew its whole-account covers.
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This came as major losses ceded to retro partners reached EUR541mn.
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The mutual added a £100mn lower layer to reduce the attachment point to £400mn.
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Collateral negotiations are coming to the fore in retro renewals.
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The fund has cut back in retro but plans US insurance expansion.
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The fund intends to pay 90 percent of its current cash to investors with much of its portfolio held in side pockets.
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The UK terrorism insurance scheme looks to add additional layers to its main 1 March retrocession renewal.
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The carrier said the market was in the early stages of rate change and it was hard to know how long improvements would last.
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The firm will consider writing more retro after raising $300mn new equity.
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Pricing slipped to the lower ends of the guidance ranges as the reinsurer upsized a hurricane tranche of the trade, sources said.
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The former Aon retro broker was previously CEO of the UK arm at Fidelis.