Swiss Re
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Severe convective storms were the biggest driver of last year’s losses. -
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The ILS executive will head up structuring for the Americas.
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The US tallies $97bn in economic losses from major perils each year.
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The vast majority of 2023 recoveries were from events in prior years.
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The reinsurer’s assets under management rose 14% to $3.3bn.
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The deal was brokered by Gallagher Re and provides US cyber insurance event protection.
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The Swiss Re Total Return Index climbed month-over-month throughout the year, to more than regain ground lost after Hurricane Ian in September 2022.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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The reinsurer is seeking per-occurrence cover on an industry-loss basis as reported by Perils in the US.
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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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The cost of maintaining a team to service institutional investors does not always weigh favourably versus bringing in ILS capital.
