Results
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The firm announced a gross performance of more than 10% on the fund since it was established in late May 2020.
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The limited liability vehicle consolidator, which has raised £75mn in capital in recent months, reinstates a dividend.
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The insurer’s overall top line rose 16% as cat claims reached $70mn. -
The carrier recorded average rate rises of 9% for P&C accounts renewing at 1 April.
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The Bermudian booked a $4.6mn loss from Winter Storm Uri.
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This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.
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Parent AIG’s cat losses remained elevated in line with the prior-year Covid-19-impacted quarter.
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The Floridian reported a higher loss ratio after making recent portfolio acquisitions but benefited from premium growth.
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Many carriers agreed on the growing attraction of primary markets but differed on reinsurance-expansion tactics.
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Higher underlying losses also cost the Floridian insurer, but it managed to deliver prior-year reserve releases.
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In total, the changes will lift the exhaustion point on its reinsurance by $779mn from last year, although some gaps remain as its cat bond recovery rose to $195mn.
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The carrier lifts premium by 17.1% at the April renewals.
