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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. -
The injection leaves US private equity firm Golden Gate Capital as a controlling shareholder.
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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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The new vehicle gives third-party investors access to Premia’s run-off investments.
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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.
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If the fundraise closes, the business will operate as a “permanent capital” monoline retrocessionaire.
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Pessimism around trapped capital is growing, but low reported losses may mitigate the issue.
