Stocks
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The announcement spurred a quick spike in stock market valuations. -
Markets have taken a battering across the globe following the “Liberation Day” announcement.
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Insurance share prices were more resilient than the US stock market.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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Both carriers have extensive reinsurance coverage.
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The UK listed investment manager has almost doubled its ILS allocation since April last year.
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The role will focus on international treaty, specialty lines and strategic advisory.
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The firm ceded $417mn of premiums to the sidecar in 2024.
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The investors are led by PE firm NMS Capital Group.
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A higher loss quantum will put a greater burden on retro programmes.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
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The company will ‘aggressively pursue subrogation’ for the Eaton Fire.
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Liquid alternative strategies accounted for around $1.4bn of the total.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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The carrier’s reinsurance premiums ceded rose by 32% to $3.4bn in 2024.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The group ceded 55% more premium to Nephila over the year at $1.3bn.
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The carrier has been reducing its presence in the state since 2007.
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Programs did not offer adequate risk-adjusted return.
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A negative January return will be unprecedented for ILS industry.
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The company’s reinsurance business also has some exposure, the executive said.
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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The bond went on watch after Mercury said it would exceed its $150mn retention.
