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The Insurance Council of Australia says carriers have already received 5,000 claims. -
The organisers pledge to return to Monte Carlo in September 2022.
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Core Specialty will retain some premium and risk on the underlying business before transferring defined natural catastrophe risks to the ILS manager.
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Claims from winter storms have exceeded the carrier’s $80mn retention for its property XoL treaty.
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The reinsurer accelerates its retreat as part of a new set of targets to achieve net-zero emissions by 2050.
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Brian Boornazian will take on the role of executive chairman, with Emil Issavi as CEO.
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The ratings agency said 17 companies, including some recently acquired and the state’s major listed carriers and subsidiaries, appear on track to secure A ratings.
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Short-tail underwriting earnings almost double, while long-tail slips into the red.
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Aon has said it expects the economic cost of physical damage and business interruption caused by the polar vortex-linked cold snap to “well exceed $10bn”, in an Impact Forecasting report released on Thursday.
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The agency withdrew its rating on American Capital Assurance and expects to deliver a complete review of the Floridian insurers it follows by 19 March.
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The erstwhile suitor cites falling valuations for residential property technology companies.
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Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London.
