Insurers
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The group reported an 89.7% combined ratio for the quarter. -
As with 2024, pricing pressure has been most acute on top layers.
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Tornadoes have killed at least 32 people in three states.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The revision is significantly lower than the $4.5bn October estimate.
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Tropical Cyclone Alfred and Queensland flooding brought thousands of claims.
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With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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California homeowners are also expected to move admitted business to E&S.
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The insurer has not decided whether to sell its Eaton subrogation rights.
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AIG, HDI Global and others have settled, while Chubb’s fight continues.
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Commutations need to be optimal for the sponsor and the investor to avoid sponsors taking back chunky risks.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
