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The final limit raised was nearly 60% above the company’s initial target, as pricing dropped to the lower end of forecasts.
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The carrier expects “significant” operating income and “positive” net operating income for Q3. -
The new chief joins from Hiscox ILS with a mandate to expand the reinsurer’s third-party capital platform.
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The executive has begun sounding out investors about a retro offering.
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The Bermudian is expecting to pay $17mn in third quarter Covid-19 claims.
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Lawsuits launched against top property carriers hit a fresh annual high in September, data shows.
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Hurricane Delta triggered the carrier’s aggregate reinsurance programme.
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Backing comes from industrial investor Ajay Kumar through his family office.
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Sources said the deal remained enticing despite spreads dropping
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Florida rivals Universal and United had previously announced quarterly cat loss totals of $58mn and $135mn apiece.
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His appointment comes after Steve Bitar took over as CEO in April.
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The rating actions follow "diminished results" since 2016, the agency said.
