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In 2021, SiriusPoint acquired a “significant ownership stake” in the firm, which meant the specialty insurer and reinsurer providing multi-year capacity and paper to the ILS house. -
The ratings agency also said economic and insured losses caused by Otis have reached $16bn.
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More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
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The firm entered new aggregate excess of loss reinsurance contracts in 2023 that have multiple layers of coverage.
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The scale of the Cat 221 flood event, as well as labour and materials shortages, contributed to its impact, the ICA said.
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Asagao VI is fourth largest private cat bond deal this year.
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The Floridian insurer’s loss from the hurricane was within its reinsurance retentions.
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The October 2022 event brought heavy rainfall, mainly affecting Victoria.
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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The 2020 bond provides $125mn of parametric, per occurrence coverage.
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Investors will have to wait for official Verisk data before knowing if the bond will trigger.
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The CCRIF has paid out $265mn since its inception in 2007.
