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The hurricane made landfall in Alabama on 16 September 2021 and swept through a number of southern states. -
The cedant was able to cut pricing on its occurrence layer by 25% from initial forecasts.
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Claims from hurricanes Laura, Delta and Zeta had been estimated at $7.7bn as at the end of last year.
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A series of devastating hailstorms has struck Texas and Oklahoma in what BMS meteorologist Andrew Siffert has described as a “billion-dollar hail loss event” for insurers.
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Syndicates and managing agents who want third-party capital support need to deliver on profit and transparency.
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Lancashire Capital Management says little to no impact from Uri
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The Earthquake Commission paid eye-watering increases in the years following the events.
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The insurer returned to underwriting profit after last year’s Covid hit, but the reinsurance segment faced higher non-Covid cat losses.
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Markel’s overall ILS revenues dropped by 27% year on year as it lifted fronted premium written for the Bermudian firm.
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The reinsurer said it had significantly grown its casualty underwriting portfolio, but also returned $230mn via share buybacks to mid-April.
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The insurer remained in underwriting profit despite the winter storm losses.
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Covid-19 has highlighted the need for solutions in dealing with longer-tail losses, as some ILS managers push for contract changes.
