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The loss contributed to a $1.6bn quarterly cat loss at new parent AIG.
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The $1.5bn deal also entails a reinsurance co-operation agreement between buyer and seller. -
Former Marsh broker Richard Green has joined as regional head of the alternative risk transfer business.
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The insurer's reinsurance cover is expected to be only lightly impacted if losses reach the top end of its estimate.
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Munich Re said there was growing pressure for underwriting discipline.
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The carrier said Typhoon Jebi and Hurricane Florence will account for most of the claims.
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A narrower view of exposures to Hurricane Michael suggests the two Florida insurers will bear the brunt of claims.
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Launched this year, the company targets risk from closed in-force life and annuity blocks of business.
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Reinsurers not doing business with the end investor are dealing with "fake ILS", the Hiscox Re & ILS COO said.
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InsurTech is not a market that is as ripe for disruption as the catastrophe reinsurance business was, according to Scor’s Adrian Jones.
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The rating agency also affirmed the company's long-term issuer credit rating of a-.
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The company is moving away from market-facing collateralised reinsurance funds, head of alternative capital Dan Brookman told this publication.
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