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Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding. -
He expects the operational hygiene of MGAs to be tightened soon.
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The carrier has received 12,300 claims as of 28 March.
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Analysts see Conduit’s extra reinsurance buying as a positive development.
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The outcome could have a wide-reaching impact on the tax liability market.
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The event has caused widespread damage in Bangkok, Thailand.
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The syndicate’s claims ratio worsened due to an “exceptionally active” hurricane season.
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The syndicate expects £5.8mn-£8.6mn in California wildfire claims.
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Cat losses from Helene, Milton and the Oklahoma tornadoes will fall within expectations.
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The market took a higher share of hurricane losses and couldn’t cut its acquisition costs.
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The syndicate expects to book a combined loss of £39mn from hurricanes Helene and Milton.
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