Reinsurance
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The additional $700mn in equity committed by Apollo is a huge vote of confidence in Catalina and the legacy market.
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State Farm writes more than a quarter of homeowners’ cover in the state.
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Analysts expect Q3 cat losses to be manageable for their covered (re)insurance companies.
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CoreLogic has revised upwards its earlier Hurricane Michael insured loss estimate of $2bn to $4.5bn.
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First Protective and USAA lead the list in terms of market share.
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As Hurricane Michael moves off the east coast of the US, it seems that (re)insurers have collectively shrugged off concerns about it being a material insured event.
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Hurricane Michael is expected to bear losses in the mid-to-high single digit billions, with the vast majority of damage occurring in Florida.
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The broker anticipates increased demand for legacy liability transfers.
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The extra committed equity provides the run-off acquirer with greater firepower for larger deals.
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(Re)insurers’ stocks have been left largely untroubled after Hurricane Michael made impact on the Florida Panhandle on Wednesday afternoon.
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Hurricane Michael made landfall in Florida as a Category 4 storm, bringing with it winds of more than 155 mph.
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The agreement for the casualty facultative reinsurance business comes after up-for-sale Maiden struck deals with Enstar and TransRe.
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