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The carrier said ~$170mn of the total expected losses came from the three March storms that affected several US states earlier this year. -
The pair are seeking $125mn in coverage for named storms across eight US states.
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On March 31, the National Weather Service counted 618 storm reports and 104 tornado reports, both records for the year to date.
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Fort Lauderdale Hollywood airport was forced to close as a result of the flooding caused by the 25 inches of rain that fell on Wednesday and Thursday.
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The new offering is structured to solve ongoing ILS market problems including trapped capital, extended settlement times, economic inflation, social inflation, non-modelled risks and pricing uncertainty.
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The underwriter will work on developing the Bermuda platform and strengthening the global property proposition.
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Lloyd’s has launched a fund on its new investment platform to enable the market to invest globally in assets themed around climate adaptation, mitigation and social inclusion.
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The InsurTech has moved its pricing for the instrument to the top of its initial range.
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Cat bond pricing has fallen by about 12% since year-end but margins are still strong enough that the market could be set for meaningful growth, the broker forecast.
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The company believes the program management and legacy businesses would work better as standalone operations.
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The role will involve managing alternative capital strategies for the specialist lines insurer.
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The £50mn syndicate made most of its profits in aviation.
