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Move is a sign of Axa XL’s commitment to the ILS space.
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The deficit marks an improvement on the prior-year period net loss of $179mn.
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The new offering will work alongside its existing ILS operations.
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This appointment is one of three new moves at the business.
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The initial estimate suggests an ultimate outcome broadly in line with market expectations. -
The ILS manager will continue to operate largely independently following the completion of the deal.
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Irma and Florence impacted Florida insurers’ Q3 earnings as disparity emerged around Michael losses.
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Following new investment, Akinova has brought in the experienced Paul Jardine.
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The possibility of a relationship between the two events puts the utility’s $200mn wildfire cat bond under the spotlight.
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The UK-based sidecar writes a quota share of the carrier’s treaty and D&F books.
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It is understood the Florida insurer clawed back $10mn of capital that had previously been freed.
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The company said losses from Hurricane Michael will be larger
