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The cover will be triggered by territory-weighted annual aggregate industry loss. -
The insurance group reduced premiums ceded to strategic partners but upped them to reinsurers.
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The Bermudian’s operating loss per share, however, grew nearly four times from the prior-year quarter to $5.28 per share.
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The projected Ian loss is $2.2bn higher than the state reinsurer took from Hurricane Irma in 2017.
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The charge included the carrier’s $80mn retention and $35mn of reinstatement premiums.
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The insurer takes a $1bn retention on US losses but could have made some reinsurance recoveries.
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Former Ariel Re executive Edouard von Herberstein was one of the founding team at HSCM and is leaving to pursue other opportunities.
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CEO Rob Berkley said the company would likely participate in the space for one to three years if rates remain favorable.
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Nearly two-thirds of the Florida claims are homeowners and business claims (272,465), and the remaining are personal automobile claims (151,892).
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The firm said inflation and modelling changes had driven the need for bigger limits.
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The Residential Re transaction is being offered with significantly higher spreads than a year ago in a sign of repricing benchmarks after Hurricane Ian.
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For larger top-end ILW triggers, cedants may have to be pragmatic on rolling over capital.
