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The carrier plans to raise A$750mn in new equity capital to help shore up its balance sheet, and has further eroded its aggregate reinsurance.
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Both Suncorp and QBE said multiple tests applied to trigger BI coverage, with QBE saying aggregate reinsurance should mitigate net exposure.
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The carrier’s annual catastrophe losses ticked up to $2.9bn in October.
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The cyber insurance sector is set to grow to $20bn by 2025, the broker said. -
Court rules policy exclusions referring to outdated law not valid.
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More ILS funds are allocating to retro than in past years, while a third of investors are expecting to increase their allocations slightly.
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This third payment will be the largest yet received by Central American country.
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Nearly 80% of respondents said underwriting capacity decreased in the quarter.
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The storm becomes the 30th tropical cyclone to form in this year's Atlantic hurricane season.
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The latest annual estimate was 4% higher than in 2019 and up 11% since 2018.
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Australian carrier ups coronavirus BI provision to A$195mn.
