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The unit also cuts its property cat appetite and reduces line sizes in casualty lines. -
The carrier said the market was in the early stages of rate change and it was hard to know how long improvements would last.
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The carrier posted $1mn investment income from its investment in AlphaCat funds for the period, compared to a $12mn loss in Q4 2018.
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The insurer recouped about A$280mn from the aggregate cover in 2019 and expects to draw down an A$101mn stop loss for its fiscal year.
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The Everest Re sidecar began 2020 with $819mn of assets under management.
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Co-CEO Richie Whitt also highlighted an expectation that Nephila will seek to raise capital and return to growth.
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The insurer cut back the 2020 placement after making claims on the deal's first year in effect.
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Some reductions in demand might follow as policies change hands, but this will not be a key influence on renewal dynamics.
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The (re)insurer faced increased losses from Hurricane Irma alongside Typhoon Hagibis and wildfire claims.
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Florida-based Centauri Specialty is to sell its Louisiana homeowners' insurer offshoot.
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Further Florida insurance portfolio or renewal right sales are expected, but widespread downgrades may still be averted.
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The premium relates to a homeowners' book of business.
