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ILS capital so far is viewed by sponsors as strategic rather than essential. -
Tropical Storm Alberto, the first named storm of this year’s Atlantic hurricane season, made landfall this morning over Mexico and Texas, bringing heavy winds and gusty rains, according to the US National Hurricane Center (NHC).
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This takes pre-tax year-to-date cat losses to $2.62bn.
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Alberto is the first named storm of this year’s hurricane season.
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Loss estimates are coming in for the weather event in Bavaria and Baden-Württemberg.
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A degree of pricing volatility was evident in the market this week.
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Torrential rain caused flash floods in the Gulf States in the middle of April.
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The firm is the sole provider to offer index services in the US.
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The losses added 12.3 points to the firm's 100.4% CoR.
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The loss follows the pattern of 2002 and 2013 European flooding.
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Reinsurers “weren’t getting paid” before 2023’s hardening, the Lloyd’s executive argued.
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Reinsurers scaled back their coverage to non-peak events in 2023.
