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The carrier has fully eroded the retention on its group aggregate cover, limiting Q4 cat exposure.
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The carrier leaves its Covid-19 loss estimate unchanged at $42mn. -
The carrier’s $990mn catastrophe loss in Q3 is net of $495mn in subrogation from a settlement with PG&E.
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The modelling companies issue lower ranges than KCC’s earlier $4.4bn forecast.
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Louisiana, Mississippi and Georgia are likely to bear the brunt of the insured losses.
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Further cat losses could be covered under activated aggregate reinsurance deals protecting IAG and QBE.
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Zurich-based manager Plenum said a partial loss of the $150mn Philippines wind bond seems likely.
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Significant changes this month include a shuttering of Markel Re's cat business, and several ILS experts joining Axa XL CEO Greg Hendrick at start-up Vantage
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That figure compares to pre-landfall loss estimates in the low-single-digit billions.
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Cat claims stemmed from hurricanes Laura, Sally and Isaias, the Midwest derecho and California wildfires.
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Investors from the ILS boom era are also those who've had the least luck, so fundraising remains a slog.
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The Nephila co-CEO said he is not doing "backflips" over rate increases due to increased loss costs.
