Property
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As part of the deal, Heritage will transfer ownership of carrier Pawtucket and MGA First Access, as well as claims and underwriting data. -
November moves included a new team at Inver Re.
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States in the south have received proportionally less damage.
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As a result of the deal, EY, through its wholly owned subsidiary Shackleton, becomes a minority shareholder in IncubEx.
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K2 Parametric will offer policies that pay pre-agreed claim amounts based on local parameters of measurable events, such as hurricanes or earthquakes.
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ILS Capital described it as “the ultimate short-tail risk” but noted structural and sourcing challenges for ILS writers.
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On Louisiana Citizens, Commissioner Donelon said that the state-backed carrier does not need to acquire additional reinsurance to endure the impact of major losses from the Ida and Laura storms.
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The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move.
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The cat bond market has priced a $20mn tranche of Safepoint’s 2019 Manatee Re cat bond for a full loss after Hurricane Ida as two regional, low-attaching deals are set to be impacted by the 2021 hurricane.
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Louisiana Citizens Property Insurance had booked $439mn in Hurricane Ida losses by 30 September, implying the disaster will nearly wipe out five of its six traditional reinsurance layers and two cat bond tranches, according to Q3 financials updated on its website this month.
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Markel said it has entered into consultation with staff at the ILS vehicle, which was launched in 2019.
