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Catastrophe reinsurers are already off to a messy start for the year and may have eroded a significant part of their year-to-date Q1 cat budgets as floods are still unfolding in Australia following recent European/UK windstorms. -
The cat bond provides a mix of per occurrence and annual aggregate cover.
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The company’s reinsurance assets rose 7.3% from December 2020 to December 2021.
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The ceded premiums were up more than sixfold after it set up a new sidecar.
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The ILS platform of Everest Re is looking to optimize value for the group and investors.
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The deal would bring the North Carolina residual insurer’s total ILS coverage to $650mn.
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Suncorp and RACQ set to recover losses through reinsurance.
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The bond will replace the 2020 Class B bond which matured in January.
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This is Allstate’s first entry to the cat bond market in 2022.
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The firm’s 2020 edition cat bond has also lost $3.2mn.
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This estimate would rank Eunice as the most damaging European windstorm event since Kyrill in 2007.
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CEO Mumenthaler emphasised cat as a “core competence” for the carrier.
