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The carrier said it anticipated larger losses from Typhoon Hagibis in Q4 than those generated by the Q3 catastrophes.
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Cat losses and higher reinsurance ceded premiums were partially offset by improved underwriting margins and continued discipline over operating expenses, the carrier said.
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The Floridian insurer also increased its Hurricane Michael loss to $32.5mn in the quarter.
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News of adverse development from the two Floridians may point to a market-wide issue.
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Amid the information overload of results season, “man-made catastrophes” appear to be the main emerging theme – albeit manifesting in two very different ways.
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All the carrier's new cat losses were retained net.
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The carrier’s ILS revenues tripled year on year after its Nephila acquisition. -
The carrier retained EUR92mn for Hurricane Dorian and EUR89mn for Typhoon Faxai.
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Munich Re, Swiss Re and Renaissance Re are among the reinsurers to back a host of US MGAs in new deals.
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The carrier is among the first P&C insurers to release anticipated loss numbers ahead of the third-quarter earnings season.
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The MGA has grown its premium base by 60 percent this year to a projected $440mn of GWP.
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The transaction makes Canopius a top-five insurer in the Lloyd’s marketplace.
