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The investment manager held its outlook at strongly overweight for cat bonds, retro and private ILS in Q4. -
The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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The bond will provide coverage for weather events in all 50 US states and the District of Columbia.
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Prior-year cat loss years that are finally shaking out drove fee benefits in Q3.
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“That’s one of the things we're monitoring ... but I think there are positive signs in the marketplace that litigation is down,” Garateix told analysts on the company’s third-quarter earnings call.
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ILS Advisers Index returns 1.23% in August, taking YTD gains to 10.75%.
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The carrier reported a Q3 combined ratio of 138.8% for casualty within the P&C re unit.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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A credit loss owing to a fraudulent letter of credit from Vestto added 1 point to the combined ratio in Q3, insurance president Jeremy Noble told analysts during a conference call.
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Tim Mardon will become CUO at Aspen Bermuda Limited and a member of Aspen Re’s leadership team.
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The fund’s allocation to ILS decreased for the first time in three years.
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Axis set up a new casualty sidecar in the quarter.
