Stocks
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The carrier's Ada Re vehicle will join its Turing Re sidecar, but its capacity is not known. -
The event may be more evenly split between insurers and reinsurers due to its impact on Florida's border counties.
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The ratings agency says 2020 is already the third-highest year for California wildfire insured losses.
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Major reinsurance carriers like Munich Re, Hannover Re and MS Amlin are significant providers to some of the state's regional carriers, analysis suggests.
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The latest estimate is marginally below a previously disclosed $75mn UK BI claims cap.
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Micro-insurance and parametric products show promise in extending cover, speakers said.
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Reinsurance recoveries and a drop in overall claims will offset the BI loss hike.
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Enterprise and property cat reinsurance are a “must have,” chief risk officer Julia Chu says.
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The carrier did not give a gross loss estimate, but has added $39.2mn of reinsurance cover for a second event.
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The transaction covers US wind for two seasons on a per occurrence basis.
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Deputy CEO Laurent Rousseau tells investors the “pruning is over” as the shares rise 11%.
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The executive, a key lieutenant of group COO Peter Zaffino, is the first of the Duperreault-era management team to leave.
