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The deal will carry an insurance premium that settled 14% below the sponsor’s initial target. -
The insurer will invest the deal’s collateral in green bonds as well as using its own freed-up capital to allocate to green projects.
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Willis Re CEO James Kent is expected to take on the leadership of Gallagher Re following the completion of the acquisition.
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Total spending was up 2% as the Floridian carrier cut back the limit it bought by 10%.
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The executive said reforms will help insurers, but more challenges remain to be tackled, as local executives remain divided on the potential impact of the legislation.
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Sven Wehmeyer, who will remain as CEO of Validus’s Zurich-domiciled reinsurance arm, replaced Steve Bardill as head of international on 1 June.
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The broker predicts a “very active” cyclone season over east Asia but forecasts a slightly smaller number than usual will make landfall.
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The organisation has $170mn less cover in place than the $2.1bn it had for the 2020 and 2019 hurricane seasons.
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Last year it secured just NZ$6.2bn of protection from major nat cat events, as premium spending went up by 11%.
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The Floridian has previously been affirmed by Demotech, but AM Best cited leverage pressures in its review.
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The covered agreement provisions will ease the flow of US business into London.
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It is the insurance company’s first foray into the cat bond market.
