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The Australian carrier expects a $1.5bn annual loss amid Covid losses and claims development. -
Shares in the Australian carrier slumped 12% following the disclosure.
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The executive left PartnerRe in March of last year following a reorganisation of the company.
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Fewer AOB cases contributed to easing the caseload down from a 2020 peak in October.
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Claims arose from events including Hurricane Delta, Hurricane Zeta and Tropical Storm Eta.
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The regulator says that the insurance sector had remained resilient this year but faced ongoing threats.
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The size of the bond closed 50% higher than the initial $200mn marketed in early December.
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California blazes including the Glass Fire have driven up the estimate considerably since September.
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The revived bill seeks to limit legal fees to a “lodestar” method, based on hours spent on a case.
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New boss Flandro suggested subordinated debt as a reinsurance alternative in a hardening market.
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Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
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The majority of losses occurred in the western Turkish city of Izmir and the rest of Izmir province.
