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The Californian wildfires, Hurricane Michael and Typhoons Jebi and Trami pushed up losses. -
The utility expects to source enough cash to finance its ongoing operations.
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The insurer is exploring using the vehicle for a quota share as well as access to the firm’s Syndicate 5623.
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The updated $110mn to $130mn estimate is more than double the prior projected Q4 loss ahead of the wildfires.
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Reinsurers are still figuring out just how costly 2018 was in terms of disaster losses – after all, 2018 has only just wrapped up and events such as the Sydney hailstorms lumped on further costs late in the year.
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The Florida-based carrier renewed aggregate reinsurance covering non-hurricane losses, including a $30mn single-provider deal and a larger $85mn programme.
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The Australian carrier said December’s Sydney hailstorm would trigger its per-occurrence reinsurance.
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This is the final estimate for the cyclone, which hit Europe a year ago.
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Last year’s feast has repeated on the market as Irma losses deteriorated, while fresh wildfires have caught out those who loaded up on liability exposure.
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Eden Re provided $300mn of retro support for Munich Re in 2018 across a couple of debt issuances.
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The government also said it is exploring the possibility of issuing a cat bond in the near future.
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Hurricane Michael and the California wildfires have trapped a significant portion of retro capacity, the analysts said.
