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Sources said the company is to part ways with around 60 staff as it completes the pivot to specialty (re)insurance. -
It is also Core Specialty’s first entry to the cat bond market.
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The $100mn Southern Fidelity notes were dropped after the insurer suspended new business.
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The increases follow full recoveries on previous bonds after Ida losses.
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The state-backed carrier hopes to fill out more of the gaps in the coming days.
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Southern Fidelity had earlier messaged agents that it would cease writing new business and renewals.
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The reinsurer has put the first layer through its captive, a move that reflects the lack of reinsurance capacity for this high-risk business.
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The contractors’ association argued the law would prevent contractors who hold AoBs from recovering their attorneys’ fees if they prevail in a lawsuit against an insurance company.
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Insurers are still fighting to survive as reinsurance costs rise and availability dries up.
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The broker said its capital markets unit would be “fully aligned with the broking and analytics teams.
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The storms tracked 1,000 km through densely populated regions of Quebec and Ontario.
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The specialty P&C carrier is offering high single-digit rates for the cover.
