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The sidecar took $19mn of cat losses relating to the California wildfires. -
The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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The forecast has increased since the early July update due to several additional factors.
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The Texas insurer of last resort previously had to have funding for a 1-in-100 year storm.
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Around 95% of the Hiscox Re & ILS portfolio is rated rate “adequate” or better.
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The unit said capital in the ILS market remains more than adequate to meet rising demand.
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California wildfires account for $40bn of the insured loss tally in H1.
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Markel announced the sale of its global reinsurance renewal rights to Nationwide.
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Amid $17bn of new deals, cat bond activity included aggregate and cascading structures.
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The firm attributed a 9% drop in reinsurance NWP partly to higher cession rates.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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This brings the carrier’s total limit on the program to $1.8bn.
