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The carrier revised its cat bill following Ida and PG&E losses.
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The start-up reinsurer wrote $291.2mn in gross premium during the nine-month period.
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The storm has so far left more than 130,000 households and businesses without power, following the collapse of trees and utility lines.
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The carrier’s catastrophe losses rose to $501mn from $397mn in Q3 last year
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The decision marks a further withdrawal of delegated authority capacity, particularly for US property, from London carriers.
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The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.
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Hot and dry weather conditions increase the challenges as Dixie and Caldor near full containment.
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The founder said that taking a perpetual ownership approach rather than having an eye on exits would create better underwriting returns.
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The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
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The modelling firm’s wind and surge losses remain at $17bn-$25bn.
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Recently one of my colleagues argued that it was time for a “bonfire of PMLs”, as the past five years have shown that the industry has seriously underpriced the kind of $10bn-$20bn loss events that have been happening since Harvey, Irma and Maria landed in 2017.
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“We can't lose sight of the fact that we are in the business of actually mitigating risk,” the executive said in an interview with Inside P&C.