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The firm’s AuM in four key vehicles rose $526mn in Q3. -
Ceded losses grew by 69.2% in Q3 from the prior year quarter to $44mn.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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In its first deal, Enstar received $350mn in premium for certain 2019 and 2020 business in AlphaCat’s portfolio.
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Most of the losses derive from France.
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The firm will provide an update on 22 November to avoid holiday season.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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The firm is also integrating changes to its process to allow it to cover wider ground.
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Nephila revenues would likely have been higher, but for an ‘elevated climate signal’ this year.
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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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Andrade flagged expected 5% to 10% increases in the US and Europe.
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The final price fell 14% from the initial midpoint price offered by the sponsor.
