Results
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The firm's new minority investor reaped half-year returns of 2-4 percent.
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Despite market pressure, HCI is expected to complete its reinsurance programme on schedule, CEO Paresh Patel said.
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The “magnitude” of claims could ease in future quarters, Argo CEO Kevin Rehnberg said.
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Plummeting global markets have reduced the value of the carrier’s investments, results show.
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CEO Kevin O’Donnell said the firm was relying on cedents who advised of minimal property BI exposure.
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The sidecar’s AuM has held steady and remains an important hedging mechanism to the reinsurer, it said.
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The carrier abandoned plans to do a new cat bond and boosted traditional cover on “better terms”.
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A surge in earned premiums and reserve releases helped profits climb to $108mn in the first quarter.
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The insurer reserved an estimated £17mn for certain BI claims in Q1.
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Catastrophe losses were EUR208mn, up 6.6 percent from last year.
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Cat losses amounted to $30mn, compared with $25mn in the first quarter of 2019.
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The Floridian insurer said it has secured most of the reinsurance limit it requires ahead of the 2020 hurricane season.