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Suncorp and RACQ set to recover losses through reinsurance. -
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.
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The start-up Bermudian reinsurer has focused initially more on quota share.
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Reinsurance recoveries will depend on whether losses are aggregated, the ratings agency said.
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The carrier took a net EUR838mn of cat losses in the full year.
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Cyber reinsurance premiums may exceed those of property cat by 2040.
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Combined with a challenging fundraising landscape that is likely to have led to investors cutting more deals, 2022 will be a year of fiscal pressure.
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The bond provides annual aggregate industry loss cover for named storm and earthquake.
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