Bermuda
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Stephen Catlin, Executive Chairman for Convex, shares insights on leadership, climate initiatives and how insurance must evolve at the PwC Insurance Summit in Bermuda. -
Cat losses in reinsurance rose 11.1% year over year to $45.1mn, driven by Hurricane Helene.
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After one good year, giving back margin now will be “inexcusable”, the executive said.
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Cat losses increased 14.6% to $91.6mn, driven by Hurricane Helene and Storm Boris.
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The carrier’s shares declined over 17% this morning following Q3 earnings and strategic actions.
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Envelop Underwriting will bring all the firm’s underwriting into one framework.
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The firm announced Q3 results alongside strategic actions that included an ADC deal with Enstar.
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In other property, Helene and Milton will assure rates remain attractive, he added.
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D&O and D&F are also facing increased competition, but property remains price adequate.
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Kevin Stokes has been with Pillar for nearly four years.
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Hamilton reported a $30mn-$70mn net estimate for Hurricane Milton losses.
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Hurricane Milton is estimated to have a net negative impact of $275mn on Q4 results.
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