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The vehicle is a first for an Asia-based cedant.
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This publication retraces the series of loss predictions made by the manager for its listed Reinsurance Opportunities Fund over the past year. -
The retro market is likely to tighten at this year’s renewals as investors pause and reconsider their strategies following another year of substantial losses.
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January renewals were creaking into order in December after the wildfires locked up the process.
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The firm’s 2017 portfolio loss has risen 15.7 percent to 57.1 percent.
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The Markel subsidiary is under investigation into the accounting of loss reserves for 2017 and 2018.
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Trapped capital will add to losses from Michael, Jebi and the wildfires.
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An annualised 5 percent loss since inception incorporates the retro fund's share price return.
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The reinsurer said cyclone losses were above average with global insured losses at $25bn.
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Suspected Ebola deaths are above the level that would trigger a $28.5mn bond pay-out.
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On average carriers expect to cede around half their gross losses across a range of potential peak perils.
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The firm paid out just over a third of redemption requests in November, indicating investors sought to redeem 15 percent of its share base, sources said.
