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Funding from the UK and Germany will support early action and the managing of disaster risks in less wealthy countries.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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Version 21.0 of the model will become available to clients on June 23.
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The insurer has a previous history of buying earthquake reinsurance cover from the ILS market.
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It is the Blackstone captive’s first foray into the cat bond market.
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Named storm predictions held stable from the agency’s April update at 17, up from an average of 14.
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The agency projects four major hurricanes and anticipates overall activity around a third higher than long-term norms.
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The funds made a $93.9mn loss in 2019, ahead of a leadership changeover at legacy adviser Armour.
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The official US forecaster said it did not expect activity to reach last year’s historic peaks.
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The monthly tally came in 14% lower than the $632mn reported a year ago.
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The deal will be fronted by Hannover Re but will provide coverage to the state backed carrier.
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A high proportion of the more than $3.5bn economic losses caused by April severe weather will be insured, the broker said.