California
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The London D&F market will shoulder most of the losses. -
The reinsurer pegged the market loss at $40bn.
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The programme structure was expanded, but it is unclear what percentage was placed.
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Plus, the latest people moves and all the top news of the week.
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Changes in business mix towards specialty and improved reserve development offset higher Q4 cat losses.
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The estimate is based on industry losses in the range of $35bn-$45bn.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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The carrier expects the market loss to land at $35bn-$40bn.
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Plus, the latest people moves and all the top news of the week.
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The ratings agency has revised Mercury’s outlook from stable to negative.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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A higher loss quantum will put a greater burden on retro programmes.
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