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The 2018 notes were wiped out when the HCI-backed reinsurer Oxbridge was hit by $7.7mn of catastrophe losses.
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The deal was expected to be a 30 percent loss following a magnitude 8.0 earthquake in northern Peru in May.
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Catastrophe losses contributed to a 3.1 percent fall in net asset value for the manager’s Diversified Income and Growth Trust in the past half-year.
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The Californian utility company reached the agreement with 18 public entities after a series of wildfires between 2015 and 2018.
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The insurer said half of the losses came from one weather event in the Midwest.
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The model will also capture sub-perils including ground-shaking liquefaction, landslide, tsunami and fire following earthquakes.
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The catastrophe data aggregator said it would provide a fourth loss estimate on 20 December.
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Membership has grown from 19 to 21 since the June 2018 renewal.
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The legislation increases loss adjustment expenses reimbursement from 5 percent to 10 percent.
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There have been nearly 250,000 claims from the three storms that hit the country in just over one week.
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Zurich-based Solidum Partners will oversee the two funds, estimated to be worth $400mn, from 1 August. -
The Toronto-based firm had already been collaborating with Perils for the past two years.
