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Marijuana dispensaries in cities including Chicago, Philadelphia, Boston and Los Angeles were among the targets.
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The cover, which is stable from 2019, was brokered by Aon.
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Four severe weather events in Texas and the Midwest generate about 80 percent of the claims.
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CEO Mac Armstrong has also been elevated to the role of chairman.
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A $300mn Dell loss is among the drivers strengthening underwriters’ resolve.
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High Atlantic sea surface temperature is one driver of the forecast.
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The regulator’s interim chief says 90 percent of cover is for basic property damage.
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The estimate for the third named storm of the season covers privately insured wind and storm surge damage.
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US convective storm losses have already topped $13bn for the year.
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The storm currently has wind speeds of 34mph and these could strengthen to 40mph.
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Surge warnings are in place, with the tropical storm forecast to move across Arkansas and Missouri.
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Similar government schemes have been launched in the UK, Germany and France.
