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Avenue Capital-backed Greylag claimed that insurers denied coverage of the two lost aircraft, which have a value of nearly $110mn and $120mn, respectively.
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The lessor will continue to pursue its litigation in the Irish courts under its own insurance policies.
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Loss data going back to 2000 reveals that severe convective storm plays an “ever more important role” in cat losses.
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Several London insurers, including Tokio Marine Kiln, Axa XL, Munich Re, Starr International and Chaucer, are named in the new case.
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The final report said the majority of the losses occurred on Kyushu Island with 74% of the total industry loss.
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The worst-case scenario of a $12bn-$15bn claim looks to have been taken out, but there are lots of complex, vexed negotiations still to come.
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According to the National Hurricane Center, Lee made landfall at Long Island, Nova Scotia, on Saturday.
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With winds speeds around 80mph, Lee is now a Category 1 hurricane but is still expected to be ‘a large and dangerous storm' by the time it reaches New England and Canada.
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Slow weakening is forecast during the next few days, but Lee is likely to remain a large and dangerous hurricane into the weekend, the update noted.
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Insurance Insider has compiled a bite-sized wrap-up of the exclusive news stories and CEO interviews from this year's Monte Carlo Rendez-Vous.
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The flooding followed a major rainstorm, which has been labelled a 1-in-500-year event.
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Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.