Markel
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Enterprise and property cat reinsurance are a “must have,” chief risk officer Julia Chu says.
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The release from side pockets will be paid to the company in October.
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The company said it was liaising with cedants about effects of subrogation payments from PG&E.
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She is based in Virginia and reports to the carrier’s CFO Jeremy Noble.
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The release largely stemmed from 2019 side pockets, reducing this year's remaining trapped capital by a third.
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The settlement will be paid in the third quarter.
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The insurer also noted it was cutting back lines exposed to Covid and nat cats.
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The manager’s MGA operations boosted ILS revenue despite lower AuM. -
The company said last month that it would redeem 8.9 percent of the Reinsurance Opportunities Fund via a new stock buyback.
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The Markel co-CEO said the firm was warehousing retro risk until it raised capital for new platform Lodgepine.
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This came as the carrier sank to a $1.4bn Q1 loss on huge investment losses.
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The dispute centres on ILWs that used Munich Re loss estimates as their trigger.
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