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Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory. -
The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
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The downgrades reflect the negative impact of challenging macro-economic trends on underwriting results and risk-adjusted capitalization.
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The AuM total hits $12.1bn when including Top Layer Re and RenRe’s own participation.
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New CEO Ami Barlev – who has a background in tech, AI, comms and real estate – said he took the role at an “extremely difficult moment” for the InsurTech.
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The Bermuda sidecar was established last year to support property cat underwriting in a hard market.
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Due to the collapse of the value of the lira since February, payouts are worth less in dollar terms.
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business.
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The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.
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CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.
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The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.
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The firm’s PML on its Southeast wind business has increased after Northshore Re coverage was not renewed at 1 July.
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