Re/insurers
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Some Canadian cedants have approached the market for top-up cover.
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The ratings agency said comparing companies was complicated by the adoption of IFRS 17 accounting.
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Reinsurers continued to diversify into primary and specialty business.
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The CEA has $326.4mn towards risk transfer, 44% below budget.
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The insurer said once firms give up lower attachments or aggregates they “simply do not get them back”.
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In 2023, Berkshire provided around $1bn in capacity to the Floridian insurer.
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The carrier purchased an additional $150mn of cover.
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The backing represents a rare move from a collateralized reinsurer to take on risk in the legacy space.
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The broker said high ILS maturities would boost cat bond issuance though the hurricane season would impact capital availability.
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Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.
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