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The total would give the Bermudian a higher yearly cat loss total than it recorded in 2017. -
The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.
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The Bermuda Monetary Authority had granted the InsurTech start-up a “sandbox” licence in 2019.
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Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
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Ascot will provide the reinsurance support for the index-based crop products.
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The reinsurer raised $16mn from a new sidecar issuance.
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Hurricanes during the second half of 2020 have worsened the insurer’s risk-adjusted capitalization.
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A new mandate from an institutional investor has seeded the strategy.
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The total value of Eden Re has fallen 17% compared with 2020.
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The reinsurer anticipates a $175mn hit from Covid-19 claims during the quarter.
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The move comes as environmental policies move up the list of investor priorities.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
