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Most of the losses, around 80%, were the result of two wind and hail events. -
Climate change is causing an upward trend in losses, but it should not be conflated with the impact of seasonal variability, according to Gallagher Re.
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Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.
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The partnership aims to provide ILS strategies to institutional investors in Australia and New Zealand.
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The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.
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The broker said that $100bn+ loss years have become the “new normal”.
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The reinsurer said hardening of property reinsurance conditions must continue.
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The US could be exposed to economic losses of $1.1tn in the event of a cyberattack, the highest of any country.
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The Bermuda-based collateralised reinsurance platform Sussex Capital was set up in December 2017 and had more than $400mn of assets at its peak.
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The 30-strong segment will combine reinsurance and capital markets with data, analytics and technology.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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Caccamese spent nearly six years at rival broker Guy Carpenter prior to joining Aon.
