Reinsurance
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The fund steps in once industry losses breached a threshold of about $7.3bn.
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Sometimes corporate announcements look so futuristic that one suspects the planned move is never going to happen.
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The Vermont deal marks R&Q’s sixth with a self-insurer over the past two years.
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The president described the situation as "disgraceful".
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The size of its Harambee Re vehicle remains undisclosed.
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Like UK bakery chain Greggs’ feted vegan sausage roll, Swiss Re’s European parametric water-level cover helps plug a gaping market chasm.
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The insurer has nearly $700mn overall in sidecar support including previous transactions.
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The reinsurer has absorbed almost $500mn of losses from its sister company in less than two years.
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Reduced ILS capacity is impacting the sidecar and retro market in particular.
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ILS showed reinsurers the New World, but reinsurers have now learned to live in it.
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The industry association says insurers have received more than 81,000 claims so far.
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Simon Hawkins joined the legacy carrier as COO in July last year.
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