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The estimate is like others in the market, suggesting a relatively small loss from the event. -
Chris Caponigro will be responsible for expanding Axa XL’s product offering and investor base.
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The hurricane has led to a “surge” in insurance claims related to floods, according to the IBC.
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Brokers expect strong competition at remote risk layers at the 1 January renewal.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
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A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
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Nick Pritchard has been appointed underwriting portfolio and alternative capital manager.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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The sponsor has kept $25mn of principal in extension for any further loss development.
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The storm is expected to weaken to a post-tropical cyclone later tonight.
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The new commingled fund will target investors with $5mn or higher potential investments.
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The ILS industry offered 11 points of merit that justify cat bonds being eligible for UCITS funds.
