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The manager said last year it wanted to deploy $100mn to $200mn in casualty ILS. -
The executive has worked for the company for two decades.
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The loss aggregator said the change indicated initial over-reserving in the wake of the flooding.
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Surpassing the $30bn threshold will trigger more occurrence covers, as another painful year looms for aggregate writers.
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The algorithm uses ultra-high-resolution aerial images and data that pinpoints, color-codes and displays properties by damage classification.
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The modeller’s estimate is higher than BMS’s earlier $700mn figure.
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The new generation of vehicles is driven by a lively legacy market and innovations in structuring deals for long-tail risk.
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Progressive books $341.9mn in cat losses from Hurricane Ida in August and sees the total rising to $510mn.
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The CaseGlide figures show a 35% drop to 4,313 new litigated claims, the second sharpest month-on-month decline in the past five years.
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The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
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Insured cat losses for August were almost 3.8x higher than the 10-year average, according to Jefferies analyst Philip Kett.
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In its renewal season update, the carrier said Bernd, Ida, Uri and the pandemic would force up pricing across lines and regions.
