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The reinsurer was chasing a high 15% net return target but said lower demand and capital trapping made this unachievable -
The Bermuda-based broker is believed to be heading to Corant along with other hires.
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Some markets on the programme have pushed back on the inclusion of event cancellation exposures.
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A new mandate from an institutional investor has seeded the strategy.
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The capital supports the MGA’s excess retro portfolio.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
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The broker forecast that this hard market may be more akin to the “discriminate and relatively short-lived" phase following 2005.
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Aggregate retro capacity has “reduced enormously” but rate increases were less severe than some had feared, the Willis Re international chairman said.
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Capacity was constrained but some ILS funds were able to grow, while cat bonds also propped up supply.
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New capacity and fewer problems with trapping contributed to a smoother renewal than some had expected.
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This is the carrier’s first public cat bond after a private deal done through Guy Carp’s Cerulean platform in 2019.
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The executive will lead the retrocession and property specialty segments.
