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Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4. -
Ascot will provide the reinsurance support for the index-based crop products.
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The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
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But Barclays warns the judgment could result in more substantial loss creep for major European reinsurers.
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On an annual basis, lawsuits were 1% up on 2019 despite success in cutting back AOB cases.
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The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals.
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Costs outpaced the European benchmark rate change, but Covid loss negotiations have been deferred.
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The Australian carrier expects a $1.5bn annual loss amid Covid losses and claims development.
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Shares in the Australian carrier slumped 12% following the disclosure.
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The updated spread implies a slightly lower multiple on the retro quake notes.
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The carrier’s long-standing client Alfa has become an equity investor.
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The Credit Suisse-managed firms will stop underwriting new business as of 1 January.
