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Last year’s season was “unprecedented” in terms of frequency, but not in terms of severity. -
The move marks its second fundraise after an initial allocation from Canada’s PSP Investments in November.
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On an annual basis, lawsuits were 1% up on 2019 despite success in cutting back AOB cases.
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A recent stress test found that Bermudian carriers pared back their reliance on reinsurance since 2018.
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The hire follows a $18.5mn fundraise that the firm planned to use to expand in the US and Asia.
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Losses were relatively evenly divided between the two events.
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The asset manager’s second 10-year life fund adds to a $750mn vehicle raised in 2017.
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This event brings total Australian hailstorm losses to over A$3.64bn in 2020, Perils said.
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The deal took Alturas transactions to $115mn for the year to date as syndicated sidecars are expected to continue shrinking.
