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Major losses added 5.4 points to the combined ratio. -
The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods.
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Inflows allowed the unit to step up to the distressed Florida market.
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The ILS firm reported $8.5bn of assets under management at mid-year.
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HSCM has had a majority stake in the company since 2020.
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Insured nat cat losses amounted to $35bn globally in H1, while manmade events triggered an additional $3bn, according to Swiss Re Insititute.
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Louisiana policyholders have filed 460,709 claims of all types, of which 65% were closed with payment.
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The McKinney and Oak fires are 0% and 67% contained, respectively.
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Some reinsurers emerged as increasingly positive on the cat space, despite generally subdued risk appetites.
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The government-backed disaster insurance facility offered discounts to its members that increased their tropical cyclone and earthquake coverage from last year.
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Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.
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The effort to resolve claims has been hampered by constraints on labour and materials.
