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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina. -
The revision is significantly lower than the $4.5bn October estimate.
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The reinsurer has already dipped into the cat bond market with its Stabilitas Re retro deals.
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The headcount at the start-up now stands at around 40.
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Fales will focus on creating investment opportunities for the carrier’s specialty reinsurance portfolios.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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The platform is based in Bermuda and will focus on strategic capital partnerships.
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Tropical Cyclone Alfred and Queensland flooding brought thousands of claims.
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Former Aviva and AIA CEO Mark Wilson will lead the new initiative.
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With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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The total cost for the program increased 1.8% from last year’s.
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The (re)insurer used alternative capital in the reinsurance coverage.
