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US wholesale giant CRC Group has set up a follow-form distribution facility that will see alternative capital take on property insurance risks fronted by Liberty International Underwriters, sister publication The Insurance Insider revealed.
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Scor said its losses from hurricanes Harvey and Irma should be absorbed within its earnings rather than threatening its capital position.
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Hannover Re has said it may not reach its profit guidance of EUR1bn ($1.20bn) for the third quarter because of further strain put on its catastrophe budget by the Mexican earthquake and Hurricane Maria.
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Sompo Canopius plans to launch an ILS vehicle to support its catastrophe reinsurance book for 2018, according to sources.
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Hurricane Irma will be a major test for the ILS market even though it has taken a more favourable westerly turn for the reinsurance industry, straying away from Miami.
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The ILS sector overall should grow after a major loss event like Irma, even if some capital turns away from the market, Aon Securities CEO Paul Schultz said at the company's Monte Carlo press briefing.
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Stone Ridge Asset Management has posted high single-digit drops to its two reinsurance funds this week as Hurricane Irma heads towards Miami.
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The Florida insurers that make heavy use of reinsurance from ILS managers include UPC Insurance, Universal and Federated National.
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ILS providers are well-positioned to take a rational stance on losses from a major event, Nephila Capital co-founder Frank Majors said in a roundtable discussion hosted by AM Best ahead of the hurricane season kicking into gear with Hurricanes Irma and Harvey.
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Alternative reinsurance capacity grew by 18 percent to $88.8bn in the year to 30 June 2017, Aon Securities said in its latest annual ILS report.
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Chaucer is working to establish a new sidecar for 2018 as other Lloyd's (re)insurers consider new third-party capital vehicles, sources said.
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Shrinking hedge fund Pine River Capital Management has shut its ILS desk, joining the ranks of generalist asset managers that have retrenched from the sector, Trading Risk revealed this month.
