Wildfire
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The former Blue Capital portfolio manager is joining the wildfire-focused MGA to lead underwriting.
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Projected spreads on the deal fell by 10%-11% in early marketing.
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The reinsurer joins Everest Re in seeking industry loss-based ILS cover ahead of mid-year renewals.
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Class C investors who entered the retro fund after the 2017 hurricane season made a 1.3% loss for the year, although wildfire subrogation meant a gain for ordinary shares.
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Tighter cat bond spreads will prevail until issuance catches up with investor demand, the firm forecast.
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The broker says the ILS alliance will "meaningfully increase" its capacity in three segments.
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Policyholders have filed some 730 claims after fires hit hills outside the western city.
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Event definitions were also tightened at renewals, the broker said.
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Insurers already face A$40mn in claims, a level set to rise and potentially affect reinsurance.
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The manager has extended a fee discount to side-pocketed capital.
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The utility did not disclose which insurers would receive payments.
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The broker’s figure is 40% higher than its annual average for the 21st century, with the bulk of losses coming from the US.