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Reserve releases more than doubled compared with Q3 2020.
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The CEO and president said he expects to shrink the portfolio for retro-focussed sidecar Upsilon.
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The modeller incorporated a 5% exceedance probability insured loss estimate to its report for the first time.
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The increase of $10mn reflects re-estimation and the addition of Hurricane Nicholas.
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The insurer pegged its updated gross claims figure higher than the Elbe flood of 2002.
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The carrier said the claims stemmed from Hurricane Ida and storms in Europe.
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The insurer said most of the losses stemmed from lines of business it exited last year.
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The carrier’s catastrophe losses rose to $501mn from $397mn in Q3 last year
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The executive said “every reinsurance buyer” underestimated the impact of the flooding.
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The carrier also cited increasing continental cyber losses as a factor in continued market hardening.
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The third wildfire cat bond for the California utility will be its largest to date
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The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.