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The ILS allocator has invested in the asset class over 17 years.
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The carriers were in arbitration with UnipolRe and Gen Re.
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The carrier booked a reserve charge of $392mn for casualty insurance.
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The hire has 20 years’ experience in asset management and corporate finance.
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The figure represents a 26% increase on the previous estimate.
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Most of the losses occurred in France, followed by the UK and Belgium.
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The final estimate is a 12% increase on an August tally of NZ$1.99bn.
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The fund manager operations booked management fees of $31mn.
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The Medici cat bond fund experienced the largest growth in AuM.
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Investment firm Phoenix launched a private credit and lending platform for the mid-market.
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CEO Trevor Carvey said 1 January 2024 renewals were more “orderly” than in 2023.