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Commercial insurance pricing remained flat, increasing by 3% globally over the period, the same as the prior quarter. -
More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
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The firm entered new aggregate excess of loss reinsurance contracts in 2023 that have multiple layers of coverage.
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The October 2022 event brought heavy rainfall, mainly affecting Victoria.
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As of year-end 2022, the fund’s largest ILS allocation was in a RenRe fund.
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Lloyd’s CFO Burkhard Keese, speaking at Guy Carpenter’s Baden-Baden Symposium, said there are $500mn-$1bn of London Bridge deals in the pipeline.
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Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said.
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The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.
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The reinsurer said hardening of property reinsurance conditions must continue.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.
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In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
