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Losses were relatively evenly divided between the two events.
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The insurer said its reserving was still adequate after the court supported its overall approach, but said biosecurity exclusions were not sufficient to decline claims.
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The carrier aims to regain its role as insurer of last resort after “unsustainable” customer growth. -
The Australian carrier expects a $1.5bn annual loss amid Covid losses and claims development.
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Shares in the Australian carrier slumped 12% following the disclosure.
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The executive left PartnerRe in March of last year following a reorganisation of the company.
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Fewer AOB cases contributed to easing the caseload down from a 2020 peak in October.
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The regulator says that the insurance sector had remained resilient this year but faced ongoing threats.
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The size of the bond closed 50% higher than the initial $200mn marketed in early December.
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California blazes including the Glass Fire have driven up the estimate considerably since September.
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The revived bill seeks to limit legal fees to a “lodestar” method, based on hours spent on a case.
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New boss Flandro suggested subordinated debt as a reinsurance alternative in a hardening market.
