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Allied World Assurance Company Holdings AG has reported a rise in its ceded premiums by nearly $16 million, reports Artemis.bm.
The rise has been attributed to AWAC restructuring its ceded global property catastrophe reinsurance program at regular intervals.
The company used industry loss warranties for the first time. The restricting reduced the probable maximum loss.
The rise in ceded premiums was said to be because of higher ceded premiums on our property catastrophe reinsurance coverage in the second quarter ended June 30, 2015 when compared to the same period in 2014.