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Exposure management is prevalent and underwriting profitability is patchy. -
The company’s new models will be generally available in June for major perils including US flood, US wildfire and Japan typhoons.
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The claims count on day 18 of the flooding stands at 118,016.
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The reinsurer exceeded its large-loss budget by $166mn.
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Catastrophe reinsurers are already off to a messy start for the year and may have eroded a significant part of their year-to-date Q1 cat budgets as floods are still unfolding in Australia following recent European/UK windstorms.
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The Floridian insurer said the write-down reflected prevailing valuation multiples.
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The first month of the year was quiet for natural catastrophe events.
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The ceded premiums were up more than sixfold after it set up a new sidecar.
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Net income was impacted by $4.4mn of reserve strengthening, net of reinsurance recoveries.
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The company is focusing on non-catastrophe offerings, such as P&C.
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The Floridian carrier recorded $8.1mn cat losses net of reinsurance compared with $27.9mn a year earlier.
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The Corporation signalled a focus on controlling volatility.
