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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023. -
The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
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A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.
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The insurer said cat models had failed to gauge potential levels of damage accurately.
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The estimate includes wind damage, as well as damage to property, automobiles, agriculture and direct BI.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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The group’s ceded large losses reached 17% of gross losses, up from 11% a year ago.
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Awaiting FLOIR approval, the move will mark the Floridian’s entry into the commercial residential insurance space, CEO Paresh Patel told analysts Tuesday.
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The worst of the damage was experienced in Brest, northwest France.
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Hiscox said outflows from the ILS unit were offset by "record returns" in Q3.
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The bond is offered with price guidance in the range 500-575 basis points.
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The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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