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The carrier purchased $100mn of additional catastrophe reinsurance, effective January 1, to support its property business growth. -
State Senator Jeff Brandes withdrew his amendment to an insurance omnibus bill but said he would bring the concept back before the legislature.
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CEO Albert Benchimol pledged to grow the company’s specialty business as the catastrophe portion of its 1.1 book shrank by 10 percentage points.
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The new company will focus on expanding into US coastal areas.
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The third-party capital raise came in 24% lower than January 2021, as the DaVinci sidecar took most inflows.
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Investors are increasingly concerned about legislative changes and climate change, but there are drivers for optimism, the consultant said.
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This is the first natural catastrophe loss under the World Bank series of ILS deals since 2019.
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The issuance is a similar size to that of 2021 and significantly larger than that of 2020.
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Total issuance during 2021 beat the previous annual peak of £11bn in 2020, according to an Aon note marking the cat bond sector’s 25th anniversary.
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Piotr Nowakowski will join Peak Re in February 2022 and be responsible for managing the company’s underwriting functions.
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The ratings agency is allowing more time for feedback on proposed changes to assessing insurers’ capital adequacy levels.
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Southern Fidelity is seeking to lift homeowner rates by 85%.
