ILS
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Costs associated with Markel's investigations into Catco drove ILS expenses up tenfold for the insurance group in 2019.
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The new funds raised at 1 January are dedicated to its retro-focused Upsilon fund and its Medici cat bond strategy.
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The investment comes as the Indiana Public Retirement System exited Nephila’s Palmetto fund in pursuit of a more diversified ILS strategy.
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The figures reflect expectations that sponsors will return to the ILS market to seek cover as rates stabilise. -
The cat bond could help lower barriers to collateralised participation in primary business, says the ratings agency.
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Fema deputy administrator for resilience Daniel Kaniewski said it could be argued the agency created a “moral hazard.”
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The insured loss total is more than one third down on the 2018 tally of $80bn.
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Ali will take charge of Hamilton’s future cat bond placements, having been involved in the recent renewal of its sidecar Turing Re.
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Losses arise from four events plus reserve re-estimates.
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Modest gains follow a broadly flat European cat treaty market for 1 January.
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The Paris-based carrier has a history of using innovative capital tools to manage risks to the company’s balance sheet.
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Ross will start immediately at the Bermuda-based Credit Suisse affiliate.
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