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After Bertha’s landfall, the firm also noted that 2020 has joined 2010 and 2016 as an early year for named storm activity. -
Earlier, the carrier added a pandemic exclusion to the annual aggregate bond.
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The FHCF opted to “sit this renewal out”, according to sources.
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The second named storm of the year is to make landfall at around midday local time.
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Fires alone set to cost insurers A$2.3bn.
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The $632mn tally was up from $290mn reported in April 2019.
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The US government agency said it expects between three and six major hurricanes in the Atlantic Basin this season.
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The cat bond is set to pay up to 125bps more than last year’s Alamo Re deal, which has a near-identical risk profile.
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Launched late in the renewal process, Casablanca Re is offering spreads of 600-850 basis points.
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Colorado State University released updated predictions that this year’s season would be stronger than average.
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NOAA said there is a 75 percent chance of near- or below-normal tropical cyclone activity this year.
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Scientists said there is a 69 percent chance a Cat 3 or stronger storm will make US landfall this season.
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