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The deal will be fronted by Hannover Re but will provide coverage to the state backed carrier.
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ILS Capital has invested seed capital in start-up InsurTech provider Pouch, which provides auto coverage for small businesses. -
Ann Haugh will lead the new global property division, with Andy Hottinger heading up international and Jonathan Gray specialties.
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The state insurer will raise $800mn-$950mn after initially launching with a modest $500mn target.
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This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.
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Most damage to private and commercial property was covered, but agriculture losses were uninsured.
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Many carriers agreed on the growing attraction of primary markets but differed on reinsurance-expansion tactics.
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SVP Jeremy Waite will head the operation, while continuing to lead the firm’s property treaty broking team for Australia and New Zealand.
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United Insurance Holdings reported a core after-tax loss of $19.4mn for the first quarter of 2021, as elevated natural catastrophe claims from Winter Storm Uri and a $30mn reserve charge weighed on the carrier’s results.
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He is expected to join the firm’s property reinsurance broking team after his gardening leave ends.
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The reinsurer recovered 24% of its gross major losses from retro partners.
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The carrier last year said its K sidecar would pick up Covid claims over time.
