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The recommendations await approval from the Florida Office of Insurance Regulation. -
The impact of the cyclone, which battered New Zealand in February 2023, was worsened by previous bad weather on the North Island.
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The reinsurance and ILS leader joined the firm in 2012 during a “rollercoaster” year for industry loss warranties.
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The facility will support quota share capacity with Anchor Re on behalf of SageSure carrier partners.
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Reinsurers are also increasing their attention on per-risk contracts protecting Japanese interests abroad.
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Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
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On Thursday, the bill passed 23-15 in Florida's Senate, after passing the House last week.
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It is understood that the company has mandated Nomura to raise the risk capital.
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Business is surging into the E&S market, with rates up in the triple digits in some instances, as carriers combat claims volatility.
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Reserve releases connected to 2017 events helped the segment deliver a 95.6% combined ratio.
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Global reinsurers also reported a slight deterioration of their combined ratios in 2022, with the average for the year being 95.7% compared with 94.7% in 2021.
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Swiss Re estimates that inflation has peaked but is likely to remain persistent in 2023.
