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Geico more than tripled underwriting profits. -
The broker said less than 1% of companies globally with cyber insurance were impacted.
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The insurer said once firms give up lower attachments or aggregates they “simply do not get them back”.
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Insurance Insider ILS reported in June that the company had bought substantial ILW coverage.
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The broker is yet to participate in a cyber cat bond.
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Total pre-tax cat losses for the quarter grew sixfold YoY to $135mn.
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Nephila’s income rose steeply owing to changes in its funds’ product mix.
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The slowdown was based on a conviction of “higher likelihood of frequency events” this year.
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Over 75% of insured losses attributable to severe thunderstorms, flooding and forest fires.
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The firm also posted a 56% increase in fee income.
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The manager is looking to buy positions on the secondary market.
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Losses from mid-sized nat cats added 9.9 points to the P&C combined ratio.
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