Hurricane
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Former Ariel Re executive Edouard von Herberstein was one of the founding team at HSCM and is leaving to pursue other opportunities. -
Nearly two-thirds of the Florida claims are homeowners and business claims (272,465), and the remaining are personal automobile claims (151,892).
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The Residential Re transaction is being offered with significantly higher spreads than a year ago in a sign of repricing benchmarks after Hurricane Ian.
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For larger top-end ILW triggers, cedants may have to be pragmatic on rolling over capital.
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The homeowners’ InsurTech reported that it has received approximately 6,800 claims associated with Hurricane Ian to date.
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A special session in December and prohibition of assignments of benefits have been cited on the Florida campaign trail.
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The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
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The estimate anticipates a full retention loss of $12.5mn from Hurricane Ian.
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The insurer said the estimate represents a 13.9-point impact on its Q3 combined ratio based on earned premiums.
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The firm’s insurance business recorded $100mn of Ian-related losses while the reinsurance unit booked $60mn.
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The insurer took $28mn in net Hurricane Ian losses and warned inflationary pressures surpassed expectations in general in Q3.
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More than half of insured losses came from Nova Scotia.
