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A proportion of the US cat portfolio written by Thomas Haegin’s Zurich team will transfer from 1.1. -
Insurers are facing up to a total loss on MGM Resorts’ $751mn tower after the hotel and casino company agreed an $800mn settlement with survivors.
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The Category 1 hurricane is to pass to the west of the Azores before weakening and moving northeast.
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Lorenzo likely to hit Ireland and parts of UK as a tropical storm.
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Hyeji Kang was formerly head of actuarial function and replaces Bernhard Arbogast, who retires after 25 years with the carrier.
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The facility had initially estimated a payout of $10.9mn.
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The estimate comes after AIR last week estimated claims from the catastrophe at between $3bn and $7bn.
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The Californian utilities firm has established a $14bn backstop fund to ensure all liabilities are paid.
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The hurricane is on track to move over the northern Leeward Islands
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The Senate must pass the measure to ensure the programme remains funded.
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The island was spared the worst of the storm but has suffered power cuts, according to reports.
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Insured loss estimates given in the fortnight following Typhoon Jebi last year were low. AIR gave a range of $2.3bn-$4.5bn and RMS predicted $5.5bn.
