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The fourth-quarter charge will take group full-year pandemic losses to EUR1.2bn. -
The $296mn of reported cat losses were down 31% year on year.
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CEO Zuraitis said the company’s nearly $9mn in recoveries allowed it to achieve "below market" pricing on its program.
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The total increase to the Bermudian firm’s AuM will be “tempered” at the start of the year due to timing of allocations, cat losses and side pocketing.
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Markel’s ILS revenues were impacted by the Markel Catco run-off and Lodgepine start-up costs.
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The carrier has set aside $13mn to pay coronavirus claims at its international unit.
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Of the largest insured losses from single events last year, the top eight occurred in the US.
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Year-end returns diverged widely with a dozen funds falling to a loss.
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Losses stem from four events and amount to $1.5mn gross.
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The analyst predicts the insurance sector could experience its best performance in nearly a decade.
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The event was the third Australian hailstorm event of 2020 reported by the data aggregator.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
