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Sources added that the company will continue to monitor portfolio performance to reopen business on a state-by-state basis. -
The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.
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Demex said its RCR Re platform enables cedants to buy reinsurance for secondary peril risks that aggregate over time.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
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Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory.
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At least six aggregate bonds offering convective storm cover have been marked down by around an average of more than 20% on the secondary market.
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The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
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Thursday’s update pegs the likelihood of near-normal activity at just 25%, a decline from the 40% chance outlined in May's outlook.
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Tens of thousands of people have been evacuated from the island, and nearly 14,000 Maui residents remain without power.
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The downgrades reflect the negative impact of challenging macro-economic trends on underwriting results and risk-adjusted capitalization.
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The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
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