(Re)insurers
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The deal is the first typhoon cat bond for the insurer, which previously sourced earthquake cat bond coverage.
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Registrations for the event will be limited if necessary to ensure distancing measures can be taken.
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The Australian insurer said it received approximately 3,750 claims relating to recent flooding, as the low deductible on its losses implies it may trigger a dropdown or aggregate cover.
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The news marks the second year in a row members have ceded more than $1bn in risk to the Caribbean Catastrophe Risk Insurance Facility.
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The California Insurance Working Group suggested the policy to cover areas with high wildfire risk.
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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 settlement ends hostilities that began with Covea’s unsolicited EUR8.3bn takeover bid for the French reinsurer in August 2018.
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The A rated platform is due to take on renewals from the firm’s 1609 Fund.
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The deal will carry an insurance premium that settled 14% below the sponsor’s initial target.
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The insurer will invest the deal’s collateral in green bonds as well as using its own freed-up capital to allocate to green projects.
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Willis Re CEO James Kent is expected to take on the leadership of Gallagher Re following the completion of the acquisition.
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Total spending was up 2% as the Floridian carrier cut back the limit it bought by 10%.