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Returns have disappointed some institutional investors, but prospective rates may attract fresh investment, sources said. -
The industry should expect similar losses in any given year, BMS vice president Andrew Siffert said.
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The carrier’s combined ratio increased to 109.6% last quarter, up over 2 points year on year.
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The manager has extended a fee discount to side-pocketed capital.
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RenRe boosted its stake in DaVinci to 29% after buying $119mn of shares from third parties.
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Hurricanes Laura, Delta and Zeta made landfall in the state during a record-breaking hurricane season.
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The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.
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Last year’s season was “unprecedented” in terms of frequency, but not in terms of severity.
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The Convex CEO reiterates his prediction of a potential $200bn casualty-reserving deficit and anticipates a similar amount of Covid claims.
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The company announced the departures of former CEO Bruce Lucas and former president Richard Widdicombe last year.
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The charge comes at the end of Everest’s CEO Juan Andrade’s first year leading the (re)insurer.
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The utility did not disclose which insurers would receive payments.
