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Property cat rate increases this January were double those of last year and the highest since 2014. -
The transaction reflects the evolution of the Weston Group and its plans to expand its coastal offerings across the US.
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The broker and ratings agency AM Best said total deployed capital grew 2.7% in 2021.
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At Lockton Re, Cheney spent the last 18 months as senior broker and co-leader of its property practice.
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European loss experience drove the firm’s index back in line with 2014 levels.
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The firm said that retro lines had shrunk more than expected after fundraising delays.
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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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Many private deals featured in final renewals negotiations as overall cat risk appetite was cut back, with some ILS segments hard-hit.
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The firm says it has condensed the securitisation process into weeks rather than months
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Homeowners MGA and insurer Lighthouse Management raised $65mn in a senior debt private placement in New York.
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Nephila will maintain a minority holding in the MGA, which is looking for paper from more reinsurers and ILS firms.
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The “squeezed middle” of the reinsurance sector is under pressure, but attritional risk aversion could drive ongoing changes.
