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It is understood that Ascot will continue to write worldwide retro business. -
The two insurers are believed to provide in excess of 20% of the cat MGA’s capacity.
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Most claims so far have been for damage to residential property.
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Outrigger Re will write a quota share of Ark’s Bermuda property treaty book.
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The fund will take a vertical cut of all non-life business written by Latam specialist Ocean Re.
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The modeller also said that losses to the National Flood Insurance Program will likely remain under $300mn.
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The London-listed carrier said that market dislocation could last for years and had created a strategic opportunity for the carrier.
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The firm’s founder said he originated and structured 70% of all ILS deals issued for Japanese perils in the past 12 years.
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The reinsurance market next year will be a “challenging environment”, which Beazley expects to “shift significantly”, according to CEO Adrian Cox.
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The Bermudian reinsurer said both appointments are effective January 1, 2023.
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Conduit Re CEO Trevor Carvey said that a lack of legacy left the carrier well placed for the upcoming renewal.
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The California-based carrier specialises in personal lines cat cover.
