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Julian Enoizi, who was instrumental in bringing the £75mn Baltic Re terrorism cat bond to market, said using ILS for an exotic risk was “a long journey”.
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A lawsuit by Affinity Gaming against security firm Trustwave is raising awareness of the risk, according to a report.
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Insurance conglomerate reports 15th underwriting profit in 16 years -
Loss estimates for the typhoon have trebled since initial estimates.
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California has a wildfire problem. That much is abundantly clear after two consecutive years of record wildfire losses in 2017 and 2018.
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The Bermuda carrier added $43mn to its Jebi reserves in the fourth quarter and expects a market-wide loss from the typhoon of more than $10bn.
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The carrier reported $5.8mn of unfavourable development driven by commercial auto.
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The company’s underwriting performance deteriorated but its top line grew.
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The carrier reported $282mn of catastrophe losses in Q4, net of reinsurance and reinstatement premiums.
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The new figure represents a 44.5 percent increase on the carrier’s previous estimate.
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The corporate solutions division remained in the red, with a $405mn loss.
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A near-$300mn hit from Hurricane Michael helped send the newly merged P&C entity into the red.
