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Structures have been developed that would avoid “excessive capital trapping”. -
The deal provides collateralised backing for Riverstone’s mammoth £1.2bn reinsurance-to-close deal struck for MS Amlin and other transactions.
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The company’s Syndicate 2988 exited direct property business.
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This came as parent AIG said it had around $6bn of reinsurance limit available for 2023.
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The insured loss figure is higher than that estimated by Verisk, which said losses would exceed $1bn.
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The transactions would protect ceding (re)insurers against outages of the cloud.
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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 Italian group previously halted writing catastrophe excess-of-loss business.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
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The reinsurer’s combined ratio fell to 87.8% in Q4 2022, improving 4 points against the prior-year quarter.
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The head of property and specialty underwriting reinsurance posted on LinkedIn that he had brought forward his planned departure from the firm after 35 years.
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The capital management platform remains active but January renewals were fronted by the balance sheet.
