Hurricane
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Higher rates and reserve releases connected to Hurricane Ian boosted results.
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The firm’s flood solution will be available to layer on top of existing parametric hurricane wind policies.
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Hurricane Ian’s legacy will undoubtedly lead to some shake-ups in the ILS sector, with ongoing progression outside cat and ESG strategies likely to be a focus.
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The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
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Frontier Advisors said sentiment continues to be challenged by performance.
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The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.
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Most ILS firms are marking the Ian loss as a $50bn+ event, although there are exceptions.
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The bonds had been heavily marked down initially.
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Hurricane Ian losses at United Insurance Holdings (UPC) Insurance have nearly reached the top of its personal lines reinsurance tower, company executives said on its earnings call.
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The sector’s performance was better overall compared with September 2017.
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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
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For larger top-end ILW triggers, cedants may have to be pragmatic on rolling over capital.
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