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The revision is significantly lower than the $4.5bn October estimate. -
Wildfire losses from fronting and ILS activities were EUR438mn.
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Tropical Cyclone Alfred and Queensland flooding brought thousands of claims.
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Ark's combined ratio included 25 points of catastrophe losses in Q1.
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CEO Thierry Léger expects overall P&C pricing to be “stable” through 2025.
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The insurer has not decided whether to sell its Eaton subrogation rights.
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The CEO said private ILS funds can generate additional returns of 10%-20%.
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Richard Pennay also addressed the dip in cyber ILS activity.
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Private ILS would benefit from extension spreads to manage investor concerns, the CEO argued.
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All 29 funds tracked by the index returned a positive performance.
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Growing economic and population exposures are driving potentially larger insured losses.
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Six weeks after the storm, Perils released its first industry-loss estimate at EUR619mn.
