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The insurance industry has experienced mounting losses from severe convective storms. -
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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Premiums ceded to the ILS vehicle increased by 76% to $433mn.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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The reinsurer had taken the opportunity to buy more limit across event and aggregate covers.
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ILS as a percentage of the pension fund’s total assets grew to 1.5%.
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GP Affluent Markets will look to serve high-net-worth individuals.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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“We do not have the luxury of time,” he said during the Bermuda Risk Summit.
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Both carriers have extensive reinsurance coverage.
