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Policyholders have filed some 730 claims after fires hit hills outside the western city.
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The carrier revealed 10.9% premium volume growth at 1.1. -
The modeller said it is “likely” that the number of claims could exceed the high of Hurricane Harvey in 2017.
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A weakening La Nina and warm sea temperatures in the tropics raise the specter of elevated catastrophes for the rest of the year.
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The merged entity will also look to focus on higher margin lines and invest in InsurTech.
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The fund’s worst ILS return to date is understood to be driven by investments hit by Covid-19.
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The deal comes as the Iowa-headquartered carrier pursues further diversification into reinsurance.
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Some pointed to low average costs to fix burst pipe claims, while others warned that BI could drive up losses.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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The personal and commercial lines book will be folded into recently-acquired Centauri Insurance.
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ARPC said the move improves the pool’s capital strength.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
