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CEO David Long said he expects the greatest impact of Covid-19 to be on the group’s investment portfolio.
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The carrier has now exhausted its private reinsurance cover for 2017 storm Irma, with $1.3bn of public reinsurance cover remaining.
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BI may seep into some reinsurance and retrocession covers but insurers will take the biggest hit, said the head of ILS at Schroders.
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Carrier books $10mn loss on WHO pandemic bond
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Windstorms and heavy rain earlier this month were already likely to cause over $1bn in estimated insured losses.
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About 75 percent of this figure is expected to come from BI losses.
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Willis Re president Andrew Newman said capital will continue to flow into insurance if adequate returns are on offer.
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Evan Greenberg compared pandemic exposure to terrorism risk before 9/11.
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The bond priced at the top end of forecasts and 16 percent above initial targets, according to sources.
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Reinsurance cover may be triggered and losses could end up significantly higher, estimates suggest.
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The transaction will provide storm surge and quake cover for New York's subway system operator.
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The carrier included just $13mn in Covid-19 losses as the event will be tracked as an ongoing catastrophe.