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The InsurTech has moved its pricing for the instrument to the top of its initial range. -
The multi-peril bond will cover all 50 US states and the District of Columbia.
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The firm identified market inefficiencies in its analysis of loss data.
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The AP2 fund noted currency-hedging effects, turbulent financial markets and Hurricane Ian as factors in its alternatives segment loss for the 2022 year.
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The impact of the cyclone, which battered New Zealand in February 2023, was worsened by previous bad weather on the North Island.
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The reinsurance recoverables from Lorenz investors were up by 56% to $921mn in the 2022 year.
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The facility will support quota share capacity with Anchor Re on behalf of SageSure carrier partners.
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Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
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More than 40,000 claims have been made in relation to Cyclone Gabrelle.
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Reserve releases connected to 2017 events helped the segment deliver a 95.6% combined ratio.
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Global reinsurers also reported a slight deterioration of their combined ratios in 2022, with the average for the year being 95.7% compared with 94.7% in 2021.
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The bond is seeking coverage for Florida named storm.
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