Stocks
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Its parent career restarted writing business in Q2, assuming $1.1mn of premiums.
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The insurer has “several hundred million” of private reinsurance limit remaining. -
Profit at the carrier fell from $2.4mn to $0.7mn year on year.
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Reinsurers are taking modest rate increases largely by “riding on the backs of primary writers”, Chubb CEO Evan Greenberg said recently.
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CUO Schmid noted that its catastrophe growth came after it reduced its market share in 2018.
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The platform has issued $175mn so far this year, up from $151mn in 2018.
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CEO John Forney said it was a “tough quarter” for the business.
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The Floridian insurer also transferred $2.9mn of tornado losses to reinsurers in the quarter.
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XL’s New Ocean will lead on packaging and structuring risk, while Axa IM is contributing on distribution to investors, the firm’s leadership said.
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The growth contrasted with a 2 percent slide in collective assets among the top tier of ILS players.
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The issuance brings Eclipse Re’s annual total to $150mn, just under the $151mn it issued in 2018.
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The insurer increased its reinsurance spend by 10 percent in the quarter after adding $400mn top-layer coverage.
