Examples of Adverse Development Cover in a sentence
The NYID has approved in writing the terms of this Agreement and any Transaction to which XLRA is a party, including the Adverse Development Cover Commutation Agreement, pursuant to applicable Law, including Section 1505 of the New York State Insurance Laws.
The Company will apply the proceeds of the sale of the Notes hereunder for the acquisition by one or more of its Subsidiaries of the SwissRe Adverse Development Cover as described in the document “ADC Binding Quote Conifer 2017 08 31”, the repayment of the Existing Credit Facility and working capital purposes.
The Company acquiring the SwissRe Adverse Development Cover as described in the document “ADC Binding Quote Conifer 2017 08 31.” 4.4.
Upon such rescission, the Adverse Development Cover and all rights, obligations and liabilities of the Parties under the Adverse Development Cover shall be reinstated as if this Agreement had never been executed.
Despite the elevated level of global catastrophic activity in the third quarter of 2021, AIG’s losses were mitigated by improved underwriting and enhanced reinsurance protections.·Third quarter 2021 also included favorable net prior year loss reserve development, net of reinsurance (PYD) of $50 million, including $47 million of favorable amortization from the Adverse Development Cover, compared to total unfavorable PYD of $13 million in the prior year quarter.
This Agreement sets forth a compromise and shall never at any time for any purpose be considered as an admission of liability or responsibility on the part of any party hereto regarding any aspect of the Adverse Development Cover.
Favorable net prior year loss reserve development, net of reinsurance, totaled $60 million, and was primarily due to $53 million of amortization from the Adverse Development Cover (ADC).
Events occurring concurrently with pushdown accounting on June 2, 2020: As referenced in Note 4, in connection with the 2019 Sale, Carlyle FRL, the Partnership and AIG agreed to a post-closing price adjustment pursuant to which AIG will pay us for certain adverse development in property casualty related reserves, based on an agreed methodology, that may occur on or prior to December 31, 2023, up to a maximum payment of $500 million (the "Adverse Development Cover" or "ADC").
Favorable net prior year loss reserve development, net of reinsurance, totaled $74 million, and was primarily due to $53 million of amortization from the Adverse Development Cover (ADC).The General Insurance combined ratio was 106.0, including 11.9 points of CATs and reinstatement premiums, of which 8.2 points related to COVID-19 losses.
The current period also included favorable net prior year loss reserve development, net of reinsurance (PYD) of $51 million, including $49 million of favorable amortization from the Adverse Development Cover (ADC), which was lower by $23 million compared to the prior year quarter.·General Insurance continued to generate improved underwriting results, with a combined ratio of 92.5, a 13.5 point decrease from 106.0 in the prior year quarter, driven by both Commercial Lines and Personal Insurance.