Property
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The reinsurer’s core management fee income was up by 50% year on year to $40.9mn. -
The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.
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The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.
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The loss figure has been updated from the previous estimate of A$840mn, released six weeks after the event.
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The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.
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The bond will provide coverage for any named storm in the state of Florida.
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The broker has spent around 15 years working for Aon’s reinsurance unit.
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The insurer is seeking $100mn in Class A notes and $50mn in Class B notes.
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Exposure growth in Japan was in the low-single digits, reflecting a more modest inflationary environment.
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The firm noted that investor pushback at the January renewal had resulted in "the cleanest risk" being transferred to the capital markets.
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The carrier said ~$170mn of the total expected losses came from the three March storms that affected several US states earlier this year.
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On March 31, the National Weather Service counted 618 storm reports and 104 tornado reports, both records for the year to date.
