Hurricane
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The biggest increases came from North American hurricane and earthquake coverage, where retentions rose from $350mn to $600mn. -
The reinsurer reported risk-adjusted prices up 2.3% based on conservative inflation and other assumptions.
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Kin has ceded 97% of its $175mn expected gross loss and loss adjustment expenses from hurricanes Ian and Nicole to reinsurers, the carrier has said.
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Ron DeSantis has also announced proposals to modernize Florida’s "bad faith" law, in the latest set of reforms he described as the most “comprehensive in decades”.
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The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
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Lancashire recorded a net loss from Hurricane Ian of $163.3mn during the year, at the lower end of its projected range.
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The reinsurer noted “buoyant” conditions in the cat bond and private reinsurance segments.
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The multipliers on the A and B notes reflect the lack of losses from Hurricane Ian to FloodSmart Re bonds.
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The attempt to increase the supply of insurance in the state has been submitted for governor approval.
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Lawmakers are taking action to attract more property insurers into the state.
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Following rate increases at 1 January, projected fund returns for 2023 are up several points year on year, with a boost also from higher Treasury rates.
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Pure cat bond funds outperformed the sub-group which includes private ILS for the year.
