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There have been few retro exits despite softening amid cat bond competition. -
Non-loss impacted major property program rates were down by up to 20% at the renewal period.
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The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.
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Cedants pursued property renewals “aggressively” amid excess reinsurer capacity.
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Reinsurers could use retained earnings to target growth and buy more retro.
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The facility provides solvency support via a fresh equity injection under various scenarios.
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The finance committee discussed shifting market dynamics as tort reform takes effect.
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The industry has continued to build and innovate through a third strong year of performance.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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The issuance will be the fourth deal offered by the Lloyd’s carrier.
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EMEA CEO Laurent Rousseau said reinsurance must retain its relevance to investors.
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The reinsurer stressed it “did not shy” from cat business in 2023.
