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The increase of $10mn reflects re-estimation and the addition of Hurricane Nicholas. -
The insurer pegged its updated gross claims figure higher than the Elbe flood of 2002.
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CEO Richard Brindle calls for pricing corrections to reflect climate change and exposure growth.
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Demand for climate-related solutions is ‘trickling up’ from clients and insurers to the ILS market .
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The carrier also signalled unfavourable reserve developments linked to asbestos and environmental exposures.
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The carrier said the claims stemmed from Hurricane Ida and storms in Europe.
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The carrier will continue to write the business from Bermuda and the US.
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The addition follows the launch of a new high-risk strategy earlier this year.
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‘We are not shrinking to greatness,’ said Allianz Global Corporate & Speciality CEO Joachim Müller.
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Syndicate 4321 will operate as a consortium led by Syndicates 623 and 2623, providing capacity for companies that meet ESG criteria.
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Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.
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In a virtual Baden Baden conference, the reinsurer emphasised a push on addressing secondary perils after a high flood loss year.
