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Richard Pennay will become CEO of Aon Securities. -
The deal has reduced the carrier’s one-in-250-year cyber loss scenario from $651mn to $461mn.
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The strategy invests in subordinated bonds issued by European insurers.
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The firm’s new name is inspired by 18th Century Swiss mathematician Leonard Euler.
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The performance marked the best August for ILS since the index incepted in 2006.
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Paul Bantick will continue to oversee the cyber risks division during the search for his successor.
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The manager is hopeful of closing all contracts by the end of 2024.
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Aon estimated losses for the Czech Republic at EUR775mn, Austria EUR555mn, Poland EUR285mn and Slovakia EUR33mn.
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Only three storms have impacted a larger area than Helene since 1998.
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An unexpected shift east towards Tampa could push losses beyond $10bn.
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Better performance data and clarity around entry are key, report says.
