AuM data
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The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods. -
Despite the drop-off in AuM, Markel boosted ILS operating revenues significantly in the quarter.
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The ILS manager’s cat bond investments generated inflows for GAM’s fixed income pot.
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The larger fund PK SBB revealed it made a loss of 7.0% in its ILS portfolio for 2020.
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The carrier posted a small loss in the first half of 2021, the agency noted.
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The investor has significantly cut back its allocation over the past few years.
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One market participant said the strategy was $250mn in size, but it is not known how much business it has so far written.
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Brooks had been in his post for almost two years and joined AlphaCat in 2011.
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The deal covers the reinsurer’s worldwide cat XL book, as Scor plans to ramp up P&C growth.
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Kevin O’Donnell also said he saw social inflation as more of a concern for the industry than climate change.
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The Credit Suisse-backed firm produced a small profit in the first quarter of 2021, the ratings agency said.
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Matt Berdoff, Jason Braunstein and Wendy Wong-Tsang have joined the firm’s partnership.
