Stocks
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Lower-than-average major losses helped offset nearly $800mn in pandemic-related claims. -
The losses were driven by severe weather events in Florida, Texas and Louisiana.
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June losses from wind and hail events in Texas, Pennsylvania and Alberta total $181mn.
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This private sidecar deal brings total investment by PGGM to roughly $500mn.
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The two tranches of notes will expire in October 2024.
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The $50.25mn Randolph Re Series 2020-1 private cat bond will mature after one year.
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The January agreement remains subject to regulatory approval.
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The claims stemmed from US storms and civil unrest, with pandemic losses broadly offset by reduced claims frequency on the underwriting side of its business.
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Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
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The rating could fall if the company fails to meet deadlines, the agency has warned.
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The leadership shake-up comes after Gallagher completed its purchase of the company in January.
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The deal will generate proceeds of more than $1.5bn for the Karfunkel family and including a dividend is pitched at 69 percent more than Tuesday's close.
