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The transaction is the first proportional deal for cyber risk in the capital markets. -
This takes its ex-Florida cat losses since the start of its reinsurance annual risk period in April above $2bn.
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The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses.
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The sidecar takes a 25% quota share of CCR’s worldwide property cat book.
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The firm missed its earning per share target for the quarter.
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She had served as director of underwriting at Nephila since mid-2018.
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Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
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The executive chairman has sold around half of his holding back to the company.
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It is understood that the Miami-based underwriter will continue operating with capacity from Bermudian carrier PartnerRe and Mexican reinsurer Patria Re.
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For the ILS market, perhaps more than any other, the outcome of this year’s high inflation is still to be determined. Unlike other industries that are suffering increased immediate costs, this sector’s performance – as always – is ultimately driven by events no one can foresee.
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Rate increases achieved at 1 January will help carriers keep pace with inflation, the agency said.
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The executive was previously head of casualty underwriting for EMEA.
