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Succeeding years of nat-cat losses have left aggregate and lower-layer capacity tighter. -
The insurer reclassified some Hurricane Ida claims as storm Nicholas losses, producing an overweight loss for the second event.
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The US P&C carrier is putting more premium through its captive.
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CEO Kathleen Reardon said recent legislative changes are a ‘band aid’ but will help to calm the stressed Florida market.
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It is the reinsurance company’s first entry to the cat bond market.
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Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
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The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.
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The pooled parametric insurance arrangement was trigged by localised drought.
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The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.
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Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season.
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The state-backed carrier hopes to fill out more of the gaps in the coming days.
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The ratings agency says a quarter of the Floridians it rates have still not secured multi-event cover, although first-event towers have come together.
