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This came as Everest Re fell to a $44mn underwriting loss on a pre-reported prior-year reserve charge. -
Child will join the firm from Artex later this year and SRS will begin recruiting immediately for Guernsey-based staff.
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The new platform will give cedants “100x more data” and greater pre-trade insight, Tremor said.
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One estimate suggested around $2bn of new capacity in private deals.
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Across its three core retro deals, the carrier renewed EUR1.17bn, down 3% from EUR1.21bn in 2020.
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Of the largest insured losses from single events last year, the top eight occurred in the US.
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Losses stem from four events and amount to $1.5mn gross.
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Along with its reinsurance platform, the company plans to help brokers hold in-house auctions.
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The industry should expect similar losses in any given year, BMS vice president Andrew Siffert said.
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The spreads on the ultra-low-risk deal are the highest on this series in the past six years and 50% up from a low baseline last year.
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The firm aims to use AI to fill the protection gap left by “black swan” events like Covid-19.
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RenRe boosted its stake in DaVinci to 29% after buying $119mn of shares from third parties.
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Marine insurance and reinsurance are target business areas, the project partners said.
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The utility did not disclose which insurers would receive payments.
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A “pooling fund for disasters” would leverage insurance and reinsurance markets as a backstop.
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US contracts are still pricing at a 10%-15% premium to January 2020 levels, but excess retro capacity may impact the smaller market.
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US hurricanes, storms, wildfires and civil unrest resulted in the carrier’s net cat loss burden doubling to $1.6bn.
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The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.
