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CEO Trevor Carvey said 1 January 2024 renewals were more “orderly” than in 2023. -
Phoenix Re renewal ‘shows commitment to doing Asia ILS, for Asia in Asia’, according to MS Amlin Asia Pacific CEO Will Ho.
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The carrier said it expects to maintain combined ratio expectations as it takes a selective approach to casualty lines.
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The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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As a result of mostly flooding, £467mn of losses occurred in the UK.
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The sixth edition of the sidecar reflected alignment of interest with long-term partners, the reinsurer said.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
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The loss estimate includes property damage, contents and BI insurance across residential, commercial and industrial lines.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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The scale of the claim is expected to be just within the expected total weather losses for insurers.
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The agreement provides coverage for in-force, new and renewal business, with up to $100mn of limit excess of $10mn per occurrence.
