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Retro deals are seen as a particular concern over growing fears that trapped capital will again be an issue in 2021, as post-2017 innovations will be tested out.
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The cover was raised fairly evenly between the two remaining tranches.
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The broker's total insured loss estimate spanned $11bn to $140bn, depending on the recovery from Covid-19. -
Storms last week could add hundreds of millions of dollars to loss estimates.
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Disasters include bushfires and hailstorms, and some 242,000 claims have been lodged.
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Alternative capital could provide higher levels of support in the coming months, CUO Edi Schmid said.
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All cat bond funds across the Eurekahedge ILS Advisers index finished lower in March due to the mark-to-market hit from Covid-19.
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The carrier’s CFO said Florida pricing “could return to more rational levels” after years of underpricing.
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Uncertainty created by Covid-19 is driving demand, as insurers move to protect capital, Jean-Paul Conoscente said this week.
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The carrier’s P&C reinsurance business reserved $253mn for Covid-19 in the quarter.
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CEO David Long said he expects the greatest impact of Covid-19 to be on the group’s investment portfolio.
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The carrier reported no material coronavirus claims for Q1 and beat S&P analysts’ earnings-per-share consensus by 34 percent.
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