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The carrier’s whole-account XoL retro also shrank by a similar margin. -
Greater participation of cat bond investors in the retro market has some advantages alongside the risks.
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Retro renewals have made major progress in early January, but programme gaps remain at some levels, with reinsurers left carrying more risk net.
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Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
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The move comes amid limited availability of annual aggregate cover.
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CyberCube forecast further capital market capacity will hit the cyber insurance market next year.
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1 January renewals are running late across the board as reinsurers hold out for improved terms, but the retro segment is the most challenged for capacity.
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The carrier is looking to raise annual aggregate protection from the new ILS deal.
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The retro renewals are barely underway, as a challenging fundraising environment and queries over loss experience has delayed the typical pace of progress.
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The insurer said its plan was to fully transition the book to the fund.
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The CFO said today’s favourable nine-month numbers were due to a sustained effort to improve P&C underwriting discipline.
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Surpassing the $30bn threshold will trigger more occurrence covers, as another painful year looms for aggregate writers.
