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January’s California wildfires meant third-party investors suffered a loss of $195.3mn. -
The carrier announced a major writedown in its L&H book last year.
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The storm made landfall in Queensland, Australia at the beginning of March.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Franklin Templeton’s allocations to ILS are managed by fund of funds manager K2 Advisors.
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An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility.
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The carrier surpassed the retention on its annual aggregate reinsurance cover for the year to March 31.
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Insured losses were the second highest on record for the first quarter.
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Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
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Sykes has spent over 31 years with Aon, with the last 15 of those in Guernsey.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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He joined what was then Credit Suisse ILS in 2019, moving from Hiscox Re & ILS.
