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The ceded premiums were up more than sixfold after it set up a new sidecar. -
Net income was impacted by $4.4mn of reserve strengthening, net of reinsurance recoveries.
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The company is focusing on non-catastrophe offerings, such as P&C.
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Claims have reached 67,537 since yesterday’s update.
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The Floridian carrier recorded $8.1mn cat losses net of reinsurance compared with $27.9mn a year earlier.
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The Corporation signalled a focus on controlling volatility.
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Claims from New South Wales are expected to increase in the coming days, given the flooding emergency in Sydney.
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The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively.
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The firm generated total fees of $40mn including quota share commissions.
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It will offer components for buyers looking for indemnity, parametric or blended coverage.
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The insurance trade body has called on governments to increase actions to mitigate risks.
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The carrier recorded $224mn of natural catastrophe losses.
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