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The carrier expects its underwriting track record to help it secure favourable reinsurance terms in a tough market. -
The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
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Lower-attaching Florida ILWs had been more in demand at this year’s mid-year renewals.
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The carrier is the latest in a string of primary insurers to provide loss estimates.
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The carrier’s property business retained $175mn of losses net of reinsurance related to the Hurricane.
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The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
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Fidelis and MS Reinsurance are among the ceding companies that have support from Ajit Jain’s unit.
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The risk modeler estimated the NFIP could take $10bn additional losses from storm surge and inland flooding.
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The two ILS firms were among those participating in a $20mn fundraise for Elpha Secure Technology.
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The state insurance body received reports of 375,293 claims as of 6 October.
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The estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.
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Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week.
