Property
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The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn. -
The cyclone made landfall on 11 April, with strong winds affecting 800km of coastline.
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The city’s pension fund recorded a 3% return from its ILS portfolio in 2020.
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Orchid, Accredited partner to expand personal lines capacity in coastal markets amid strain from increasing cat events.
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The lower-than-expected losses so far from Ida do not stack up against what is thought to be a $30bn+ cat event.
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The former Aon US reinsurance president will join the challenger broker in just two weeks.
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The executive has worked for the company for two decades.
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The loss aggregator said the change indicated initial over-reserving in the wake of the flooding.
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The algorithm uses ultra-high-resolution aerial images and data that pinpoints, color-codes and displays properties by damage classification.
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The modeller’s estimate is higher than BMS’s earlier $700mn figure.
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The new generation of vehicles is driven by a lively legacy market and innovations in structuring deals for long-tail risk.
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Progressive books $341.9mn in cat losses from Hurricane Ida in August and sees the total rising to $510mn.
