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Coronavirus is just one factor driving rate increases, (re)insurers said.
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People moves in the ILS marketplace.
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Nat-cat experience was slightly adverse but Covid-19 losses were the main driver. -
The insurer said it has substantial reinsurance cover available although none have been drawn on yet.
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Puerto Rico, the US and British Virgin Islands and other territories are under storm warning.
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The (re)insurer also said most of LCM’s investors have appetite to go forward and remain active in the ILS market.
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The reinsurer did not provide an updated Covid-19 loss estimate.
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The estimate includes privately insured wind and storm surge damage to homes, commercial properties and cars, but not NFIP losses.
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The deal is the second mortgage ILS transaction to close post-pandemic.
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The storm remained offshore but lashed Kauai with rain.
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The platform allows brokers to manage reinsurance deals from offers to execution.
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This is the largest insurance fund the fixed income specialist has raised.
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Following two decades at Aon Benfield, he will join Lockton sometime next year after his gardening leave.
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Claims on 15 cat events impacted the carrier, with most losses related to April.
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Hailstorms across the Midwestern US will likely add to substantial losses this year.
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The fund expanded its distribution efforts in the two main Australasian countries last year.
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The two tranches of notes will expire in October 2024.
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The $50.25mn Randolph Re Series 2020-1 private cat bond will mature after one year.
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Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
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The Monetary Authority is also exploring initiatives to support pandemic, cyber and climate ILS, an official says.
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Several US states were hit by tornadoes, heavy rainfall and large hail in July.
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The rating could fall if the company fails to meet deadlines, the agency has warned.
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The start-up carrier reduced its price guidance for both tranches of the deal.
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US cat events in June resulted in some 250,000 insurance claims being filed and four deaths.
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Non-life lines have fared better than life products and premium volumes may fully recover in 2021.
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Regulators have remained responsive despite the Covid-19 pandemic, according to the Obsidian CEO.
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KKR described the $4.4bn deal as a “transformative event” and a “highly strategic” investment for the company.
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She will leave Schroders at the end of the month after spending more than seven years at the company.
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Twelve Capital's Urs Ramseier says the potential for more distressed opportunities to appear will depend on the extent to which carriers pass on increased reinsurance costs to policyholders
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The Northeast P&C insurer said it is expecting AM Best to review its financial strength rating in response to the cutback.
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The European earthquake bond will pay investors a 450 basis point spread.
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The island's ILS capacity grew by $19bn, or 37 percent, the year after Irma.
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This comes after its previous $320mn pandemic bond was subject to criticism over the time it took for it to pay out.
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Cat bond investors received better risk-adjusted rates on new issuances, but lower risk levels meant average spreads fell year on year.
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The consultancy firm also argued that the World Bank should buy more pandemic cover after receiving a payout under its cat bond programme.
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The interim CEO said this marks a new era for the utility firm.
