Arch Capital
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The cover will include the 50 US states, District of Columbia and Canada.
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The cover will include the 50 US states, District of Columbia and Canada.
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The bond is trading at 70c-75c in the dollar in the secondary market.
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The bond is seeking per occurrence, state-weighted industry loss-based coverage.
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He joins from Aeolus Capital, where he spent more than four years as a client portfolio manager.
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Habay oversaw the wind-down of AQR Capital’s reinsurance business in 2015.
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The ILS cedants will receive “substantially decreased” S&P capital relief following the criteria changes, Arch said.
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In addition, Arch Re global CUO Pierre Jal moved to Zurich to take over as Europe CUO, while president Matthew Dragonetti expanded his scope to lead client-centric initiatives.
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Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
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Early private deals have provided far more stability in this year’s renewal than last.
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Early reporters emphasised an ongoing demand for structural change.
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Arch’s estimate is commensurate with a range of expected insured losses across the global P&C industry of $50bn to $60bn.
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