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The special session comes as the Florida market braces itself for the effects of the anticipated reinsurance market hardening, potential regional insolvencies and the dearth of private capital. -
The pension investor re-directed capital to the Pillar Opportunity fund as of January 2022.
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The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
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The vehicle offers attachment points of $500mn and above for global property and downstream energy risks.
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Analysts said attachment points are now far behind the rate of inflation over the period.
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The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.
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The reissue of terms comes amid a tough European property cat market.
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2022 was a near-average season in terms of the number of storms, but featured an unusually quiet start in August, followed by two Florida hurricanes, including one of the US’s most expensive.
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The correlation between a good ESG score and low loss ratio is strongest in property insurance, the report shows.
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The ratings agency took increased nat cat activity, pricing trends, growing demand and business plan stabilisation into account when assessing the segment.
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The reinsurer said the appointment comes as it looks to grow in the property treaty arena.
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The bond has also expanded its range to target up to $125mn.
