Stocks
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The transactions included complex catatastrophe XOL treaties. -
The event is the sixth major incident in Australia in the past five months.
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The deal covered Turkish earthquake risk.
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The manager has offered to repurchase up to 22.5 percent of its Reinsurance Risk Premium Interval Fund, well above the usual 5 percent buyback offer.
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The reinsurance covers policies written by the insurer in from January to August 2019.
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The manager said Irma deterioration pushed its 2017 loss out by 1 percent, taking it to 65.9 percent.
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Fee income from capital partners nearly doubled to $80.2mn in 2019, up from $48.5mn in 2018.
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The cat bond covers hurricane and extreme mortality risks, according to sources.
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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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He will work on growing the firm’s reinsurance partnerships and quota-share relationships.
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The carrier issued a profit warning as it revised up projected annual cat losses and forecast lower reserve releases.
