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The negative L&H result was driven by reserve updates. -
The biggest losses were from wind damage after the storm’s Texas landfall.
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The Vermont PCC is a first for the firm and follows the rebrand of its cell solutions.
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The fund follows an earlier climate change-focused ILS initiative from the firm.
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Uncertainty around the quantum remains due to policy deductible variation.
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The backing represents a rare move from a collateralized reinsurer to take on risk in the legacy space.
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The insured loss from Beryl in the US was pegged at $2.7bn.
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He left his role as portfolio manager at Hiscox Re & ILS last year.
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Industry losses of $800mn-$1.2bn are expected from Beryl's impact in Texas.
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Hurricane Beryl was a “harbinger of a hyperactive season,” CSU said.
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The $1.6bn of cat bond limit on-risk includes $1.1bn Everglades Re mega-bond.
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Chief science officer Steve Bowen said it was still too early to provide precise insured-loss estimates.
