Hurricane
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Property Insurance Holdings (PIH), the parent company of Texan insurer Maison Insurance Company has reported that its gross catastrophe losses from Hurricane Harvey reached $23mn.
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Losses to insurance-linked securities (ILS) managers overseeing collateralised reinsurance strategies ranged from 10 to 20 percent in September following the recent hurricanes.
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Proposals which would open the US flood market to private insurers are set to appear before the full chamber of the House of Representatives for debate.
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Hannover Re said that more than EUR350mn of losses it reported in the third quarter was taken in the form of risk fronted for ILS managers.
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Markel Catco's October return was up 2.2 percent during the past month, according to a London Stock Exchange Listing.
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Liberty Mutual executives told investors that the company had recorded gross catastrophe losses of just over $2bn from Hurricanes Harvey, Irma and Maria, which reduced to $1.2bn after reinsurance recoveries.
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Third quarter catastrophe losses represented a 7 to 14 percent hit to the shareholders' equity of global reinsurers, with major catastrophe writers such as Everest Re, Lloyd's of London, Lancashire and RenaissanceRe the most severely affected
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Four of the listed Florida insurers have ceded more than $1.2bn of third quarter catastrophe claims to their reinsurers, based on estimates from their quarterly disclosures
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US property insurers are pushing for base case rate increases of 10-20 percent on catastrophe-exposed business, even for loss-free accounts, according to a client advisory from broker Lockton
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Florida Citizens Property Insurance is expecting to take on another 100,000 to 150,000 of mostly multi-peril policies in the next couple of years following Hurricane Irma's strike on the state
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Cat bond rates have only increased slightly for remote risk layers following the third quarter losses from hurricanes Harvey, Irma and Maria and the Mexican earthquakes, GC Securities estimated
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Expectation for substantial price increases following the recent catastrophes may be overly optimistic, in part due to an influx of alternative capital into the industry, according to analysts on an S&P panel at the Bermuda Reinsurance Conference.