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The Bermuda-based ILS manager withdrew from the insurer’s reinsurance treaty following losses in 2018. -
Marvin Pestcoe replaces Craig Fowler who was appointed CEO of the start-up in March.
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The utility still faces investigation for this year’s Camp Fire.
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The ILS manager’s exposure is to the start-up’s accident and health risks.
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The broker said new capital inflows to the sector also reduced from the levels seen last year.
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The EUR90mn Italian multi-peril cat bond from Unipol will only be partly placed in the cat bond market, sources said.
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USAA’s losses put it on track to recoup another $82mn from its cat bonds, following a projected $182mn recovery in 2017.
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The fund incurred most of its losses in the fourth quarter.
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The cat bond is the first since 2013 for the state wind pool.
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AIR Worldwide put the direct losses from the incident at between $200mn and $600mn.
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There was also evidence of one investment manager renewing its interest in the asset class.
