AJ Gallagher
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Investor appetite for bonds is exerting pressure on traditional retro providers, according to Gallagher Re. -
New issuance will be supported by new sponsors as well as over $13bn in maturities.
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There have been few retro exits despite softening amid cat bond competition.
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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.
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
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Redington provides services to UK pension funds, wealth managers and institutional investors.
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An unexpected shift east towards Tampa could push losses beyond $10bn.
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Francine is expected to make landfall in Louisiana tomorrow.
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Growth was driven by increased earnings and capital inflows.
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Sources said Guy Carpenter has promoted Jennifer Paretchan to succeed Mowery.
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The peril can no longer be considered secondary, according to Gallagher Re.
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Debby should be a “very manageable” storm for the (re)insurance market, it said.
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Chief science officer Steve Bowen said it was still too early to provide precise insured-loss estimates.
