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Sub-1% management fee and performance fee-only structures have evolved in ILS. -
The ratings agency noted robust profit margins for reinsurers.
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Europe has experienced an uptick of insured losses from severe weather.
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The Italian hailstorm event in the summer 2023 saw estimated losses nearly triple.
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This compares to the 2023-2024 tower which covered losses up to $2.83bn.
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The firm now predicts six major hurricanes and 24 tropical storms.
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Additional capacity for upper-layer coverage is driving rate reductions, the broker says.
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Forecasters have warned that a number of meteorological factors could make this year the most active on record.
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The company increased its full year 2024 adjusted net income guidance.
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Most years since 2014 have seen at least one named storm before 1 June.
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Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected.
