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ARPC said the move improves the pool’s capital strength.
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The ratings agency says it will continue to monitor whether the cat event could affect the rating outlook for any entity. -
The reinsurer adds $300mn to the unit’s pandemic reserving in Q4 and slashes premium volumes by 11% at the renewals.
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The merger may cause price increases or reduced service levels for major insurance buyers.
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The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.
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The EU’s chief insurance supervisor wants capital markets to augment the capacity provided by traditional (re)insurers.
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The risk modeller pledges to review the offer but says its $6bn agreement with the PE firm still stands.
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The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
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The loss estimate for the February 2020 event is up 3% on an August assessment.
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The European (re)insurance supervisor said correlation to financial market risk made the idea a challenging one while reinsurance appetite is also very limited.
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Deanne Nixon is currently CUO at the Floridian insurer.
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He has taken on a role as senior property underwriter after a stint as portfolio manager at Axa’s ILS unit.
