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The multipliers on the A and B notes reflect the lack of losses from Hurricane Ian to FloodSmart Re bonds.
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The attempt to increase the supply of insurance in the state has been submitted for governor approval.
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Reports said at least 641 people have died and thousands are injured, with damage to 1,500 buildings.
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The ratings agency said the weakening of the group’s performance in the first part of the year continued into the third quarter.
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Lawmakers are taking action to attract more property insurers into the state.
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Following rate increases at 1 January, projected fund returns for 2023 are up several points year on year, with a boost also from higher Treasury rates.
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The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
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The company increased its attachment point on the $200mn aggregate cover to $750mn, up from $700mn.
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Pure cat bond funds outperformed the sub-group which includes private ILS for the year.
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Early evidence is leading the (re)insurance market to hope the storm can avoid the development curve of its 2017 predecessor Hurricane Irma.