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The California-based carrier specialises in personal lines cat cover.
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The NHC has warned of a large storm with hazards extending across the state.
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The sector’s performance was better overall compared with September 2017.
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The storm will hit a state already devastated by Hurricane Ian, which has eroded the capital of local carriers.
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The carrier pushed London brokers for a reduction in the traditional 15% commission.
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The carrier has booked major losses of A$350mn-A$410mn in the three months to 31 October.
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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
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Hannover Re said that it expected its total gross Ian losses to be slightly below EUR400mn.
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The insurer also emphasized that it realised more than $300mn from selling two MGA operations.
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Perils said the storm tracked through an area of low value concentrations.
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The previous estimate, released in May 2021, pegged the losses at A$1.016bn.
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Early reporters emphasised an ongoing demand for structural change.