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The Bermudian ILS fund was one of the supporting investors in a $123mn fundraise.
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The statements come after an outline agreement, signed by Covea 10 weeks ago, collapsed this week.
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Even as Florida rates improve, the reinsurer said it expects to hold back capacity for net growth and potential new demand. -
Plummeting global markets have reduced the value of the carrier’s investments, results show.
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The insurer said it was two thirds of the way to attaching a UK reinsurance treaty.
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This came as the carrier sank to a $1.4bn Q1 loss on huge investment losses.
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The initial "first-party" losses will be largely reinsurance claims, falling below the impact of 2019 Typhoon Hagibis.
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The companies warn that the pandemic will likely cause losses and devalue their books and investments.
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The Veraton Re vehicle is linked to Brad Chance, a North Carolina-based investor.
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People moves in the ILS marketplace.
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Company shareholders voted to wind down the beleaguered fund last March, and the run-off is expected to take a few years.
