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Stephen Hitch, senior vice president of underwriting at Xchange Benefits, will lead the new MGU. -
The $500mn of new demand from Allstate highlights carrier need for cover after Ida, but pulling together cat capacity in the peak US market remains a tougher ask.
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The company’s reinsurance assets rose 7.3% from December 2020 to December 2021.
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The loss is steering more towards a personal lines event, with loss notifications leading to more optimism amongst reinsurers.
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The team of around 30 staff will manage the run-off of Axa XL’s existing book and launch a product with Aviva.
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The modeller said it is “likely” that the number of claims could exceed the high of Hurricane Harvey in 2017.
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The ratings agency says it will continue to monitor whether the cat event could affect the rating outlook for any entity.
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State Farm was by far the state’s largest homeowners' writer, writing $1.8bn in premium in 2019, representing 18.3% of the market.
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In a note to clients seen by this publication, the risk modelling firm says the event may break records for insured winter storm losses.
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Justice Secretary Robert Buckland says the one-month hold-up is a response to stakeholder lobbying.
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The deal, pitched at a multiple of 12.2x 2019 earnings, follows disposal agreements for Axa in the Gulf, central and eastern Europe and India.
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The UK auto insurer expects to return most of the proceeds to shareholders.
