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The reinsurer recorded net income of $1.9mn, helped by a reduction in losses and loss adjustment expenses. -
The agency said it will take rating actions where warranted.
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The $120mn bond, issued in 2021, covers mortality risk in the US, UK, Canada and Australia.
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The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
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Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".
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Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
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The insurer also added $100mn to its northeast cat treaty as it posted $1.48bn of cat losses in the second quarter.
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The carrier said it anticipated central estimate developments of around $180mn, including $40mn of crop adverse development.
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The number of policies being requested in the first half of 2023 is larger than the total number of policies requested for 2022.
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Fronting companies typically hold premiums in reserve meaning that credit exposure to letters of credit on Vesttoo transactions should only be required in the event of deteriorating losses.
