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The allocation last autumn amounted to around 1.4% of the investment manager’s total funds under management. -
The broker’s latest climate report tallied global insured cat losses at $118bn.
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Envelop SPA 1925 was launched at the start of the year with Chris Baddeley as active underwriter, based in London.
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He joins from Aeolus Capital, where he spent more than four years as a client portfolio manager.
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The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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As a result of mostly flooding, £467mn of losses occurred in the UK.
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The program’s retention remained the same at $3.5bn.
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Improving the speed and efficiency of settlements is required to help the market grow.
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Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
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The Seaside Re placement is the first cat bond lite deal of 2024.
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The asset manager’s largest ILS allocation across two multi-strategy funds is to a Leadenhall fund.
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2023 was the fourth consecutive year insured cat losses surpassed $100bn.
