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The CEO said Chubb has ‘never seen better pricing’ on primary property. -
The reinsurer said it was monitoring conditions in the property E&S markets, where it has been reducing capacity to grow in property treaty, as rate gains could provide fertile ground for future growth.
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The reinsurer’s ILS vehicles delivered returns of $174.9mn to investors during the quarter, with improved returns from PGGM joint venture Vermeer and the Medici cat bond fund.
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The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
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Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".
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The underwriter has worked at the carrier for almost 20 years and has a background in specialty reinsurance.
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The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.
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The deal is offered by Blackstone's captive Gryphon Mutual Property and fronted by Hannover Re.
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Skilton will be chair of the team with Wheeler and Murray heading up the global re specialty unit.
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The carrier has agreed to acquire the former Credit Suisse ILS unit, following the acquisition of sister company Humboldt Re in 2021.
