AJ Gallagher
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There have been few retro exits despite softening amid cat bond competition. -
Non-loss impacted major property program rates were down by up to 20% at the renewal period.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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The broker has nearly 20 years of experience in the reinsurance and retro markets.
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The US accounted for 92% of all global insured losses for the period.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
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The reinsurance broker said total reinsurance market capacity was up 5.3% year over year.
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The March 13-16 storms would mark the first billion-dollar US SCS event of the year.
