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Setting up vehicles under the UK’s new ILS legislation in its first year has required huge amounts of time, money and patience.
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January renewals were creaking into order in December after the wildfires locked up the process.
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Heavy wildfire losses in 2018 may have a heavier impact on the ILS market than in 2017.
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Third-quarter catastrophe losses resulted in a 1.8 percent to 5.2 percent hit to the shareholder equity of global reinsurers, with major catastrophe writers all impacted.
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Reinsurance market sources expected Hurricane Michael to cause insured industry losses of $10bn, but the limited number of public loss estimates released to date suggest Florida insurers are hoping it will remain below this level.
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Tokio Millennium Re’s agreed sale to RenaissanceRe will open up an opportunity for competitors to enter the fronting market.
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Two M&A deals in the ILS sector in the past month provide a contrasting view on what kind of acquirers may step forward in the future.
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The Bay and Gulf counties in Florida are likely to the bear the brunt of Hurricane Michael losses.
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A narrower view of exposures to Hurricane Michael suggests the two Florida insurers will bear the brunt of claims.
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Insured losses from Hurricane Michael have been estimated to fall within a wide $3bn to $10bn range.
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US property excess and surplus lines will benefit from rate increases in 2018 after the segment took the brunt of losses in 2017.
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The US flood market has traditionally been the domain of the publicly backed National Flood Insurance Program (NFIP).