Re/insurers
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Retro renewals have made major progress in early January, but programme gaps remain at some levels, with reinsurers left carrying more risk net.
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The French reinsurer’s vehicle has renewed for the fourth consecutive year.
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The Swedish pension fund will participate in Swiss Re’s natural catastrophe business.
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The reinsurer said the deals would enhance its abilities to provide innovative solutions for clients.
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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
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The year saw a substantial uptick in natural disaster losses compared with 2020 and 2019.
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The target price and size are broadly flat with last year’s deal, although it is hoping to make some savings on the lower-risk layer.
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The Federal Emergency Management Agency trimmed its spend on the program by 12%.
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The broker and ratings agency AM Best said total deployed capital grew 2.7% in 2021.
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European loss experience drove the firm’s index back in line with 2014 levels.
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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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The fires are being fanned by winds of up to 115mph around the towns of Superior and Louisville.
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