Results
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The company said it was liaising with cedants about effects of subrogation payments from PG&E.
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Subrogation recoveries from 2017 and 2018 wildfires put the carrier’s overall July catastrophe bill in credit to the tune of $334mn.
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Maturities and payouts for 2017 and 2018 events outweighed a flurry of new deals. -
The absolute quantum has moved but the outlook is broadly the same, CFO Quinn said.
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Accounting for expected H2 cat losses, the $500mn cover is only $20mn away from triggering.
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The sidecar's asset base has fallen by around $140mn in the past year.
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Warren Buffett’s reinsurance business fell to a $1.1bn loss as Covid-19 and prior-year casualty losses hit the result.
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The company increased non-cat reserves by $26mn in the second quarter.
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Everest Re said it has written more retro and has enough firepower for market opportunities.
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Cat losses were down 50% year on year, but pre-tax pandemic losses totalled $160mn.
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The insurer reported favourable reserve development and ceded $30mn of minor weather losses to reinsurers.
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Major losses from natural catastrophes were comparatively low at EUR167mn for the quarter.
