Bermuda
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The (re)insurer cut exposure to reinsurance during Q4, with GWP falling by 20%. -
O’Donnell noted that the Bermudian has enjoyed the fruits of a “materially improving market” during January 1 renewals.
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The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.
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The impending deal follows recent Lloyd’s legacy transactions with Neon and ArgoGlobal by RiverStone.
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The charge comes at the end of Everest’s CEO Juan Andrade’s first year leading the (re)insurer.
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The appointments comes after launches in Hong Kong and Singapore.
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The total would give the Bermudian a higher yearly cat loss total than it recorded in 2017.
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The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.
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The Bermuda Monetary Authority had granted the InsurTech start-up a “sandbox” licence in 2019.
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The step is the latest in a flurry of initiatives companies in the insurance sector are taking to combat climate change.
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Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
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Ascot will provide the reinsurance support for the index-based crop products.
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