Stocks
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The momentum for rate increases has built up in a delayed reaction to losses.
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The carrier is expecting $21.5mn of net losses, more than double the level incurred in Q2 2018.
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A total of $23.3mn is being held across bonds from 2017 and 2018.
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The carrier reported it will absorb $17mn in gross catastrophe losses from Q2.
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The fund’s liquidation will continue into 2021, although the bulk will be done by early next year.
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The average ILS fund was down by 1.13% in May as measured by the Eurekahedge ILS Advisers Index. -
It is the second issuance of the year by the platform, taking its 2019 total to $50mn.
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As Tropical Storm Barry heads for the coast, historical data puts damages from similar storms at less than $1bn.
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Former Swiss Re and Rewire executive Vincent Myers is hired following the departure of ILS vice president Livingston.
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The former partner at Appleby joined the law firm last year.
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The personal line carrier’s Camp Fire loss estimate is believed to have fallen from $1.8bn to $1.75bn.
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The manager gained approval from a majority of investors in its Guernsey-listed Securis I fund to implement side pocket shares.
