Harvey impact on reinsurance pricing to be regionally limited: S&P

Impact on reinsurance pricing from Hurricane Harvey is likely to be limited to the regions and policies directly affected by the storm as the heaviest losses are expected to be felt by property & casualty (re)insurers with a strong regional focus, according to S&P. Experts had previously predicted that reinsurance…

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Harvey losses to be swallowed by European cat budgets: Bernstein

European carriers are likely to absorb the impact from Hurricane Harvey within their existing natural catastrophe budgets, according to analysts at Bernstein. Hurricane Harvey developed into a Category four hurricane and made landfall near Rockport, Texas on 25 August. In addition to direct losses, the storm is causing heavy rainfall…

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Shareholders approve Axis’ acquisition of Novae

Axis Capital’s proposed £477.6mn takeover of Lloyd’s carrier Novae has gained shareholder approval, with nearly 94 percent of voting investors giving the green light for the deal. At court meeting, 249 shareholders – collectively representing 71.53 percent of Novae’s issued ordinary share capital – voted on the takeover, with 233…

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Harvey economic loss could near Sandy’s toll: Moody’s

As the flooding from Hurricane Harvey continues to engulf southeast Texas, Moody’s Analytics has revised its economic cost projection for the disaster in light of additional categories of damage since its initial estimate of between $51bn and $75bn. Moody’s has said that Harvey could drive an overall loss similar to,…

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