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The cat loss figure is 2.4 percent of Everest Re’s total shareholders’ equity of $9bn.
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The ILS manager has no current plans to deploy investor capital in cyber underwriting risks.
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The political boards will consider future funding structures for the insurer of last resort as well as a possible merger with the Texas Fair Plan.
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The pricing benchmark on the low-risk quake bond has risen 10 percent above a similar 2018 transaction.
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CEO Mike Sapnar said losses in the last two years have wiped out premiums.
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The topsy-turvy nature of the past few years for the ILS market is apparent when you look at our half-yearly surveys of assets under management.
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The carrier issued a profit warning as it revised up projected annual cat losses and forecast lower reserve releases.
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This is the first time the Bermuda-based ILS manager is known to have been linked to cyber risk deals.
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Hagibis, Faxai and flooding in the Mississippi River basin were the costliest events.
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The Insurance Council of Australia lifted its claims tally by 27 percent from its initial figure, with aggregate deductibles the main reinsurance exposure to the loss.
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The (re)insurer faced increased losses from Hurricane Irma alongside Typhoon Hagibis and wildfire claims.
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The storms will compound wildfire losses and put reinsurers on Suncorp's aggregate covers on watch.