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The vast majority of 2023 recoveries were from events in prior years.
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The notes were further marked down after a year-end Ian loss update.
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The event occurred a fortnight after major North Island flooding in New Zealand.
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Monthly cat losses were driven by two major events.
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The bond is trading at 70c-75c in the dollar in the secondary market.
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There were 10 fatalities, mostly due to drowning or tree fall accidents.
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The carriers were in arbitration with UnipolRe and Gen Re.
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The claw-back is anticipated after PCS revised down its Ian loss estimate.
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A so-called atmospheric river effect is behind the severe weather.
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The figure represents a 26% increase on the previous estimate.
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Most of the losses occurred in France, followed by the UK and Belgium.
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The final estimate is a 12% increase on an August tally of NZ$1.99bn.