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The company has eroded about half its international catastrophe deductible following New Zealand losses. -
Heritage’s Q1 combined ratio fell 35 points to 94.5% from the prior-year quarter, driven primarily by lower weather losses.
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Welcome to the 2023 Trading Risk Awards, where the best and brightest in the ILS market are recognised for their achievements from the past year – and what a year it was.
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The loss figure only includes property losses incurred in Turkey, as Perils does not cover Syria.
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The CFO said cedants ‘recognise the new supply-demand reality’ as it benefitted from an early release of Hurricane Ian reserves.
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The Metrocat cover is heavily weighted towards Battery Park, which forms part of three districts in the cover's area A, alongside Sandy Hook and Rockaway Inlet.
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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.
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The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.
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The loss figure has been updated from the previous estimate of A$840mn, released six weeks after the event.
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In a discussion at Trading Risk’s London ILS 2023 conference, panellists compared the current cyber ILS market to the cat market in the 1990s.
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The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.
