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In 2023, Berkshire provided around $1bn in capacity to the Floridian insurer. -
The carrier purchased an additional $150mn of cover.
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The firm said the move would let it build a multi-vehicle capital management platform.
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The backing represents a rare move from a collateralized reinsurer to take on risk in the legacy space.
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The broker said high ILS maturities would boost cat bond issuance though the hurricane season would impact capital availability.
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Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.
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The model uses machine learning and daily data to forecast hurricane seasons.
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Reinsurers are much better placed to absorb cat losses; insurers are carrying more risk.
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The Italian hailstorm event in the summer 2023 saw estimated losses nearly triple.
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The company increased its full year 2024 adjusted net income guidance.
