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The insurer recouped about A$280mn from the aggregate cover in 2019 and expects to draw down an A$101mn stop loss for its fiscal year. -
The Everest Re sidecar began 2020 with $819mn of assets under management.
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Co-CEO Richie Whitt also highlighted an expectation that Nephila will seek to raise capital and return to growth.
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The insurer cut back the 2020 placement after making claims on the deal's first year in effect.
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Some reductions in demand might follow as policies change hands, but this will not be a key influence on renewal dynamics.
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The (re)insurer faced increased losses from Hurricane Irma alongside Typhoon Hagibis and wildfire claims.
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Florida-based Centauri Specialty is to sell its Louisiana homeowners' insurer offshoot.
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Further Florida insurance portfolio or renewal right sales are expected, but widespread downgrades may still be averted.
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The premium relates to a homeowners' book of business.
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The ratings agency noted that capital appeared to be exiting the Florida market as it said some ratings actions would be imminent.
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Markel is fronting the deal, which will cover insurance business transacted for Nephila by State National.
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The Australian carrier boosted its overall reinsurance cover but cut back aggregate protection.
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