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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane. -
Andrade flagged expected 5% to 10% increases in the US and Europe.
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Flash flooding in Spain has killed at least 64 people, leaving thousands of homes without power.
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Although the worst of the rainfall has passed, the “devastating episode” may not be over, Spanish prime minister Pedro Sánchez warned.
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The investor has paid in an extra £12.5mn for an additional 5% holding.
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The Goldman Sachs-backed broker will buy out BP Marsh’s stake.
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Over the period, the Spanish carrier’s reinsurance segment expanded profit by almost 10% year on year.
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Insured losses for 9M 2024 have hit $102bn, according to a report.
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Beazley leads the first $100mn layer of the programme, while Tokio Marine HCC leads the second on the Alesco-placed cover.
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Overall, insurance rates fell by 1%, led by competition in property.
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The three-year deal is expected to generate $200mn in GWP over the period.
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As a result of mostly flooding, £495mn ($644mn) of losses occurred in the UK.
