Stocks
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The fund will go into run-off from 30 June.
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Buckingham Research analyst Amit Kumar noted that insured loss estimates had been revised up since the early weeks following the August and September events.
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The Bermudian (re)insurer also almost doubled the amount ceded to its Harrington Re vehicle to $108.68mn at 31 March. -
The deal takes L&G’s international pension risk transfer business to $3.23bn.
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Around $11mn of the losses relate to the late-March hailstorm in Brevard County, Florida.
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The net asset value of the class C shares that included 2018 losses dropped by 35.74 percent by 31 December.
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The total capital in the global reinsurance industry was down 5 percent to $462bn at the end of 2018, according to the broker.
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Two thirds of the catastrophe losses came from a single hailstorm, Heritage said.
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The figure includes collateral trapped from catastrophe events in 2017 and 2018, Aon said.
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The internal review found no evidence that the ILS funds’ management team acted in bad faith, Markel said in a statement.
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LGT’s rated vehicle reported an income of $1.7mn in 2017
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The life settlement industry is looking to attract ILS capital but many industry practitioners are reluctant to enter the space due to concerns over valuations, returns and the sector’s past reputation for unscrupulous practices.
