AIG
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The insurer said once firms give up lower attachments or aggregates they “simply do not get them back”. -
Its property cat aggregate cover renewed with improved coverage.
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The carrier reported an additional A$70mn reinsurance reinstatement because of higher claims.
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RenRe will be taking control of ILS manager AlphaCat as part of its purchase of Validus Re.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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The deal includes AIG's AlphaCat platform.
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The company has eroded about half its international catastrophe deductible following New Zealand losses.
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This came as parent AIG said it had around $6bn of reinsurance limit available for 2023.
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The two insurers are believed to provide in excess of 20% of the cat MGA’s capacity.
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Peter Zaffino said AIG expected to able to source similar levels of reinsurance capacity as currently given its relationships with counterparties.
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AIG’s Q3 net cat losses of $600mn included $450mn from Hurricane Ian.
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