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The insurer said cat models had failed to gauge potential levels of damage accurately. -
The global carrier has expanded its target limit to $250mn-$275mn.
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The $75mn cat bond is expected to close in late November.
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The pool was launched in July 2022 and is backed by a A$10bn government guarantee.
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The insurer previously sought $250mn of coverage for any named storm event in North Carolina.
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With more ILS managers chasing the popular bond space, how will new operators differentiate themselves?
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The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.
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The French carrier's operating result was EUR257mn, an increase of more than 130% on the prior-year period.
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Key names taking up senior roles at Validus include Sven Wehmeyer and Pablo Nunez.
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The senior retro/specialty broker spent 26 years at Willis Re, which was acquired by Gallagher in 2021.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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The group’s ceded large losses reached 17% of gross losses, up from 11% a year ago.
