Primary insurance
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Experts agreed that investment in understanding wildfire risk had come a long way in recent years.
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Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory.
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UPC policyholders could be force-placed by their mortgage lender.
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Carriers have received more than 8,000 flood claims since 1 July.
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The ILS fund said the funding would support the company’s growth prospects.
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The firm will begin writing middle-market commercial business this month.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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The executive said reforms will help insurers, but more challenges remain to be tackled, as local executives remain divided on the potential impact of the legislation.
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The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
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Storm surge losses are expected to remain under $500mn.
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The deal will generate proceeds of more than $1.5bn for the Karfunkel family and including a dividend is pitched at 69 percent more than Tuesday's close.
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Some reductions in demand might follow as policies change hands, but this will not be a key influence on renewal dynamics.
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