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The typhoon was far less destructive than early forecasts suggested, according to claims-adjusting firm Sedgwick.
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Alternative capital reduced by around $3bn in H1 2020 due to trapping. -
Around $5bn may be locked as a result of the pandemic, Aon Securities CEO Paul Schultz estimated.
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Driscoll was a founding employee of Validus in 2005 and became CEO of its reinsurance division in 2012.
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Beach has hired Willis Re executive Warren Berkstresser as senior vice president of its US reinsurance division.
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Covid-19 losses and other catastrophe events have exhausted the catastrophe budgets of many companies, the ratings agency said.
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EMEA cat rates have failed to reprice while US and Japan markets have been more reactive, the firm noted.
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Warren Berkstresser will focus on US property treaty and specialty programs and open and run the broker’s new Seattle office.
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The retro space is expected to move towards named peril covers as rates approach post-Hurricane Katrina levels.
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The market is also interested in more liquid cat bonds, the reinsurer said at a press conference on Monday.
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Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
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The storm brought record amounts of rainfall to southern Japan, with authorities warning of landslides.
