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Additional capacity for upper-layer coverage is driving rate reductions, the broker says. -
The syndicate has appointed former Munich Re active underwriter Stuart Newcombe.
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The total economic cost from the catastrophe is estimated to be EUR9bn.
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CEO Wagstaff said the LMG must "compete with other markets".
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The second part of the PoleStar Re issuance takes the bond's total volume to $300mn.
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Traditional reinsurers such as Berkshire Hathaway and Arch pushed for more share, our annual study of Florida cessions shows.
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The carrier reported 1 April price increases of 3.2%.
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CFO Dacey said ILS investors were not extrapolating too much emphasis from strong returns in 2023.
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The capital will be deployed by Bermuda-based special purpose insurer Arachne.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
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The early May forecast is driven by factors including the El Niño Southern Oscillation.
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The ILS manager claims that 777 Partners “double-pledged” collateral.
