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Ciara and Dennis could be the most significant European windstorm losses since 2018. -
The insurer lifted the attachment on an aggregate portion of its group reinsurance treaty, which was otherwise unchanged after its restructure for 2019.
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The firm will consider writing more retro after raising $300mn new equity.
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The storm struck parts of Ireland and the UK on 9 February, before moving to mainland Europe.
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The cyclone will hit Western Australia this weekend.
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There is room to scale up existing risk transfer pilots, said Dfid’s Nick Dyer at Aon's Collaborating to Close the Protection Gap conference.
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The pricing targets imply a minor uplift in the premium multiples on offer.
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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.
