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Markel Bermuda entered into two collateralized reinsurance transactions with White Rock for the benefit of a segregated account owned by a Vesttoo affiliate. -
The Aon transformer is seeking information on the origins of alleged fraudulent letters of credit.
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Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.
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Idalia might add further aggregate erosion to several cat bonds covering various perils over an annual risk period, it stated.
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The latest loss estimate is little changed from those in the reinsurance broker’s pre-landfall report Tuesday and aligns with estimates from Moody’s RMS pegging Idalia as a $6.3bn loss event.
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Based in Chicago, Lubbers joins WTW after some two years at ServiceNow, where he was global client director.
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The update projections for wind only show a 20% likelihood of losses approaching $11.7bn.
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The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
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In addition, Arch Re global CUO Pierre Jal moved to Zurich to take over as Europe CUO, while president Matthew Dragonetti expanded his scope to lead client-centric initiatives.
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Hurricane Idalia will reach Jacksonville but will have weakened by then
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If the assets of the cell form part of the Vesttoo estate, this may impact the priority of returning associated capital to cedants.
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The reinsurance broker said the losses will fall on the higher end of industry loss ranges.
