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Some cedants paid more than 40% increases depending on Florida concentration and Hurricane Ian losses. -
Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in Florida were slapped with a 100% rate increase for June 1.
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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
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Christoph Oehy will replace Luzi Hitz in November 2023.
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The company wrote the most California homeowners multi-peril insurance, at $2.56bn, and fire lines and home multi-peril insurance, at $2.66bn, in 2022, according to AM Best data.
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The reinsurance executive is returning to Ariel Re where she was among the firm's earliest hires in 2005.
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Tom Johansmeyer is leaving the business to join reinsurance broker Inver Re.
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RenRe will be taking control of ILS manager AlphaCat as part of its purchase of Validus Re.
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The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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Softening cat bond rates are among the bearish signals for cat rates, but latent new demand and still-cautious supply should prolong reinsurer gains.
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Reinsurers are starting to see increased demand from personal lines, where valuations are being updated to match inflation.
