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Verisk said the majority of the insured losses can be attributed to wind damage. -
TWIA has raised its net operating expenses to $40.2mn.
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Layr claims its platform can help brokers serve up to 6x more small business clients.
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The ratings agency also said economic and insured losses caused by Otis have reached $16bn.
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More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
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Steve Postlewhite left QBE Re, where he served as managing director and CUO, last year..
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The scale of the Cat 221 flood event, as well as labour and materials shortages, contributed to its impact, the ICA said.
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In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
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The October 2022 event brought heavy rainfall, mainly affecting Victoria.
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The 2020 bond provides $125mn of parametric, per occurrence coverage.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
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The ILS executive is departing the ILS platform following RenRe’s move to buy Validus Re for ~$3bn.
