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All parties interested in the case have agreed to participate in the process. -
The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
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The bond will provide protection from named storms in Florida for three years.
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The Florida Building Code was introduced following the impacts of Hurricane Andrew.
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The limit on the reinsurance Citizens will look to buy from the private markets will stretch to $14.35bn, up 2% on prior-year coverage.
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The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
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The ILS cedants will receive “substantially decreased” S&P capital relief following the criteria changes, Arch said.
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A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.
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Mortgage ILS issuance has totalled $787.2mn so far this year.
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The fund had taken major losses on cat-related investments, including through Southeast primary carriers Weston and Southern Fidelity.
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The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.
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BCCL will be rebranded to Nascent Advisory Services Ltd as part of the transaction.
