Stocks
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The sidecar has been taking on more cyber risks in recent years, sources said. -
The sidecar takes a 25% quota share of CCR’s worldwide property cat book.
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The firm missed its earning per share target for the quarter.
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The vehicle was upsized by 20% from 2022.
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The executive chairman has sold around half of his holding back to the company.
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The ending of an exclusivity arrangement also allows Berkshire Hathaway to offer reinsurance to Australian rivals.
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The bonds replace last year’s issuance and are bigger by 35%.
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The renewal equates to 20% of its total 32.5% quota share agreement, with another 10% having recently been renewed by Munich Re and Swiss Re.
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The sidecar has stepped down in size over the past three years.
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The carrier has renewed two of its quota shares with continental reinsurers with final negotiations underway.
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The notes covering a four-year period were listed on the Bermuda Stock Exchange.
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The Californian insurer secured approximately $50mn of additional excess reinsurance limit for residential and commercial earthquake insurance markets.
