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The bill was passed in a 37-1 vote and awaits the governor’s signature. -
The hires will bring FM Global’s total boiler and machinery staff to more than 250.
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The Bermudian increased its industry insured loss estimate at the end of Q1 from $8bn at the end of last year.
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The asset class appeals to writers of short-tail business, according to GSAM.
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A large hailstorm in Florida was the main contributor to the catastrophe claims.
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The new catastrophe bond went into effect on 17 April, 2019 and will last for three years.
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The estimate is lower than Munich Re's $80bn forecast but represents the third costliest 12 months for insurers of the past eight years.
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The owner of the St. Thomas resort is in a dispute with insurers over a $303 million claim for hurricane damage.
