Australasia
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge. -
Under the terms of the offer, shareholders would receive A$45 for each AUB share.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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The Australian broker, which owns Tysers, announced a trading pause.
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Declared events totalling just under A$2bn ($1.3bn) included one cyclone and two floods.
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IAG completed its takeover of RACQ last month.
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The assistant treasurer is also due to review the Australian cyclone pool.
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Losses were primarily driven by personal property lines.
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The firm has also updated the loss-calculation engines of existing Jeannie tools.
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Nat-cat events triggered A$1.36bn of losses during the year.
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The carrier’s profit grew 34% for the year to A$1.35bn.
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The carrier cited elevated cat and large-loss activity, including the LA wildfires.
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The broker noted a “significant variation” in renewal outcomes.
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In April, the loss modeller pegged losses at A$2.57bn.
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Almost 50,000 people have been forced to evacuate.
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Tropical Cyclone Alfred and Queensland flooding brought thousands of claims.
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The carrier incurred claims from LA wildfires and flooding in Queensland.
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The storm made landfall in Queensland, Australia at the beginning of March.
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The process for the legacy book is believed to be in the late stages.
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Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding.
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Sources said Insurance Advisory Partners is advising the fac MGA on the strategic process.
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Both carriers have extensive reinsurance coverage.
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Almost 300,000 people have been left without power from the storm.
