Reinsurers
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The industry is seen as “resilient” amid a volatile risk environment. -
Growth and returns on equity fall, but most of the industry is still profitable.
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Former Aviva and AIA CEO Mark Wilson will lead the new initiative.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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The firm expects to replace the volume with Innovations-channel business.
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The IPO was announced at the end of April, targeting ~$2.6bn-$2.9bn.
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P&C held up better than the S&P 500, but there are causes for longer term concern.
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At his last annual meeting as CEO, Buffett highlighted the importance of Berkshire’s insurance operations.
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The Canadian conglomerate’s total cat losses in Q1 reached $781mn, including $692.1mn from the fires.
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Planning for the carrier was halted in January due to the CEO’s health issues.
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The impact could also raise home-building costs by $10,000 per unit.
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The reinsurer also promoted Ethan Allen to chief program officer.
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