Stocks
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A tsunami advisory is in place in the Fukushima area. -
Ceded premiums earned were also up by 27.7% due to new quota share agreements.
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The carrier lifted its estimated net natural hazard costs for the year by A$25mn to A$1.1bn.
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Windstorm Nadia/Malik was one of several to strike the region this winter.
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Exposure management is prevalent and underwriting profitability is patchy.
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Wind XoL rate increases are tapering off, while cedants push for commission increases on quake quota-shares.
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It noted that its aviation and marine books are covered by retro although its exposure is “not very material”.
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Losses and loss adjusted expenses at the Florida-based firm rose to $63mn from $40mn in Q4 2020.
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The insurer has used up about 40% of its aggregate reinsurance limit, after quota share impacts.
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The Floridian insurer said the write-down reflected prevailing valuation multiples.
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The company’s convertible notes now have $24mn outstanding.
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Net income was impacted by $4.4mn of reserve strengthening, net of reinsurance recoveries.
