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The legislation would restrict attorney fees in AOB cases.
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The carrier also appointed former PartnerRe executive Dick Sanford as president.
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As the $1.5bn deal completes, the bulk of senior staff from Tokio Millennium Re will leave the firm.
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The overwhelming majority of claims have come out of Bay County, the Florida Office of Insurance Regulation said.
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The Insurance Council of Australia said more than 22,204 claims had been filed in connection with the floods.
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Last year was the first since 2014 to see an increase in negative ratings actions, AM Best said.
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A deal would take the combined entity to the top spot by (re)insurance broking business revenue. -
Gross written premiums (GWP) was up by 31 percent for the fourth quarter and 48 percent for the calendar year compared with 2017.
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The utility’s total pre-tax charges for the 2018 Camp Fire and 2017 Northern California wildfires now stand at $14bn.
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The total has risen 25 percent, or more than $2.3bn, since last month.
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The utility estimates that its liabilities to insurers for wildfires could exceed $30bn.
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The legal action follows losses in share value resulting from regulatory probes into Markel Catco.
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The insurer said the range is consistent with industry insured losses of up to $20bn from the recent blazes.
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The vast bulk of the claims have come from the Camp Fire which has $7bn in insured losses to date.
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The figure includes a $15-$19bn loss estimate from the recent Camp and Woolsey fires.
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The insurer has increased its quota share protection, whilst cutting back on its aggregate cover.
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The estimate puts the modelling firm’s combined November wildfire loss estimates at up to $13bn.
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The company may add to its existing catastrophe and US commercial reinsurance programmes.
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The reinsurer said cyclone losses were above average with global insured losses at $25bn.
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The total of Hurricane Michael claims filed with Floridian insurers through to 30 November has reached $4.01bn, the Florida Office of Insurance Regulation said.
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The insurer's Michael losses are set to come in at the higher end of its $150mn-$250mn estimated range.
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State officials say full repairs cannot take place until spring.
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The estimate is in line with modelled loss estimates.
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The insurer forecast gross losses of $207mn from the Camp Fire and $46mn from Woolsey.
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The latest reports from the Florida regulator put Ira claims over $11bn and Michael claims at almost $3bn.
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US homeowners’ insurance business is likely to deliver an after-tax return on equity (RoE) of 5.5 percent in 2018, up from an estimated 4.5 percent in 2017, according to an Aon Reinsurance Solutions report.
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The (re)insurer said its estimate is consistent with industry insured losses of roughly $10bn.
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The AlphaCat CEO will assist AIG with the use of modelling technologies.
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The $1.5bn deal also entails a reinsurance co-operation agreement between buyer and seller.
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Direct written premiums for US homeowners’ insurance could hit $96bn in 2018, 2 percent ahead of 2017, according to an Aon Reinsurance Solutions report.
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Catastrophe losses added 9.0 points to the (re)insurer’s combined ratio as Hurricane Florence and Typhoon Jebi pushed up losses, mainly impacting its reinsurance division.
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The new model estimates the likelihood, severity, and insurance impact of security breach and cloud service provider downtime incidents.
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The firm’s losses were mainly due to Hurricane Florence and Typhoon Jebi.
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AIG said it has used about $700mn of its $750mn retention under its catastrophe aggregate reinsurance cover as it incurred $1.5bn to $1.7bn of Q3 losses.
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According to market sources, the $2.5bn in losses mostly falls with homeowners’ insurance, which accounts for 62 percent of that figure.
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As global head of capital markets Eric Solash will be responsible for executing capital market strategies across property and casualty (P&C).
