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Profits are expected to widen thanks to improved rates and higher average attachment points. -
The ratings agency said premium rate increases for specialty lines would be most pronounced in political risk, terrorism and political violence lines because of heightened geopolitical tensions.
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ILS managers are still waiting for hard market growth.
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According to the reinsurer at least EUR275mn will be covered directly by CCR under public reinsurance.
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The carrier’s combined ratio deteriorated by 10.9 points to 101%.
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Perils estimated the loss at EU377mn six weeks after the event and at EUR488mn three months after.
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The Zurich-based ILS manager has grown the fund by around 167% from $150mn as of mid-2021.
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The hurricane season featured 20 named storms, seven hurricanes, three intense hurricanes and an ACE index of 146, according to Tropical Storm Risk.
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The second iteration of the Bermuda sidecar has brought in additional investors.
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The business will service clients in the agriculture, renewable energy and construction industries.
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All 50 US states and the District of Columbia are covered by the bond.
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Google DeepMind developers recently said in a peer-reviewed paper that the model "marks a turning point in weather forecasting”.
