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The company’s reinsurance business also has some exposure, the executive said. -
Models will need to steepen the curve in the tail to reflect severe event frequency.
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The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.
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The figure does not include specie or auto losses.
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Secondary pricing on the carrier’s Topanga Re bond partly recovered following the guidance.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The company received over 10,100 home and auto claims as of January 27.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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The platform will match partner capital to provide capacity for reinsurance placements.
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Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
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