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The Zurich-based ILS manager has grown the fund by around 167% from $150mn as of mid-2021. -
The hurricane season featured 20 named storms, seven hurricanes, three intense hurricanes and an ACE index of 146, according to Tropical Storm Risk.
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The second iteration of the Bermuda sidecar has brought in additional investors.
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The business will service clients in the agriculture, renewable energy and construction industries.
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All 50 US states and the District of Columbia are covered by the bond.
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Google DeepMind developers recently said in a peer-reviewed paper that the model "marks a turning point in weather forecasting”.
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Analysis by Lane Financial concluded that ILS returns will likely be double-digit-to-high-teens in 2024.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
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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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The insurer said cat models had failed to gauge potential levels of damage accurately.
