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Covid-19 claims could make the year the most expensive on record, the broker warns.
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Worldwide losses may reach half the level projected by Lloyd’s, analysis suggests.
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The insurer has raised its projected policy count by 20 percent.
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Florida Citizens received more than 500 new Irma claims each month up until April, which has slowed 30 percent from 2019.
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The utility expects to emerge from Chapter 11 in July after a bankruptcy court approves its settlement.
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The deal will add to $125mn of ILS cover that the electricity provider has from an earlier transaction. -
Like with Hurricane Irma, the pandemic loss is the kind of disaster that does not highlight the strengths of the collateralised reinsurance and retro model.
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Bermuda-based cedants would cede roughly 70-80 percent of peak cat losses to reinsurers, the body said.
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Four severe weather events in Texas and the Midwest generate about 80 percent of the claims.
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The firm will shift its private ILS strategies away from diversifying perils.
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The deal could be expanded by up to 50 percent at the top end of pricing guidance.
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The bond’s spread was increased twice as Avatar looked to secure $65mn of limit in the hard Florida market.
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