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The reinsurance and ILS unit posted strong net premium growth supported by additional capital from Hiscox Group. -
Tornados in the first six months of the year in the US were slightly above the 27-year average.
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The Bermuda sidecar was established last year to support property cat underwriting in a hard market.
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The firm has written to brokers and counterparties urging them to continue working with it to deliver solutions.
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The company said it had completed ‘Know Your Customer’ checks on all parties, as the alleged fraudulent LOC crisis continues.
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business.
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The reinsurance result was boosted by the group’s acquisition of TransRe last year.
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The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.
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CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.
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The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.
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The reinsurer opened its cat bond portfolio to third-party investors last summer.
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The carrier achieved treaty price increases of 21% at 1.7, against increased loss assumptions of 16%.
