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The Colorado State University meteorologists are now predicting an average storm season, revising their earlier expectation for slightly below normal activity.
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Chairman and CEO Bruce Lucas attributed the saving to Heritage diversifying away from Florida, but it also boosted its participation in the Florida Cat Fund.
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The deterioration pushed the retro fund’s 2018 loss to 46.7 percent for C shares. -
The hurricanes hitting the region could be “much stronger” according to the researchers.
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The fund has projected a $1.9bn deficit against potential obligations.
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Up to 60 tornadoes struck eight midwestern states on Monday, NOAA has reported.
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2020 Japanese prices likely to rise as typhoon loss set to double.
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Insurance is set to cover the majority of hail- and wind-related losses.
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The legislation now passes to the state’s Assembly.
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Safepoint had initially hoped to raise $75mn from the ILS deal in a sign of tight capacity and increased rate demands in Florida.
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The agency forecast slightly more storm activity than predicted by other meteorologists.
