Property
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A New Jersey judge writes a scathing decision criticizing hospitality firms for attempting to claim physical damage from virus and misinterpreting policy language. -
The week’s storms included hailstorms in Florida on 4 April.
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The Swiss rail fund made a 2.4% loss within its ILS portfolio.
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The syndicate won new backers after Credit Suisse ILS significantly scaled down support.
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Downgrades are expected to be announced next week for some Florida carriers that are “already winding down”.
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The firm has refreshed its management line-up and said it would develop new low-correlation products.
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Most of the losses occurred in Germany, followed by the Benelux states, the UK and France.
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The ratings were withdrawn after the reports for the full-year 2021 fell short of requirements to maintain it, Joseph Petrelli, president at Demotech said.
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Wind excess-of-loss treaties renew with gains between 2% and 5% in “underwhelming” renewal.
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The move will leave nearly 8,000 affluent customers without coverage and unable to turn to state-backed insurer Citizens Property Insurance.
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Of that roughly $400mn to $820mn can be attributed to commercial and industrial properties, according to Verisk.
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The state-backed property insurer is mulling its risk transfer options for 1 June.
