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The combined ratio included 17 points of catastrophe losses in the third quarter. -
CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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In its first deal, Enstar received $350mn in premium for certain 2019 and 2020 business in AlphaCat’s portfolio.
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Michael Rich left the portfolio management role in May.
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Most of the losses derive from France.
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Latest pricing suggests secondary market traders are baking in further loss development.
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The bond provides protection in France and its overseas territories.
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The firm will provide an update on 22 November to avoid holiday season.
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Some $409mn of volume entered the market in the week to 4 November.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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The firm is also integrating changes to its process to allow it to cover wider ground.
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The commercial carrier also reported a Hurricane Milton pre-tax net loss forecast of $250mn-$300mn.
