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Hurricanes during the second half of 2020 have worsened the insurer’s risk-adjusted capitalization.
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The four-year aggregate notes will replace the 2017 Vitality VIII bond that matured last week.
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The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals. -
The reinsurer anticipates a $175mn hit from Covid-19 claims during the quarter.
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The ILS market expanded by $1bn in Q3 but still shrank by 4% over the first nine months of 2020 to $92bn.
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The insurer appears to have dropped a separate $30mn aggregate minor-perils collateralised cover that had taken losses.
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The carrier lifts its net catastrophe allowance by about 25% to $685mn as it reports more favourable renewal terms than it had expected.
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The spread rose 9% during the course of marketing.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
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A total of 24 million hectares of land was burnt in the worst bushfire season on record.
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Combined insurance losses for these events total $7.1bn, representing a “benign year” for large non-US losses, the company said.
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The broker forecast that this hard market may be more akin to the “discriminate and relatively short-lived" phase following 2005.
