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DE Shaw has been offering a form of “capacity wrap” to insurers in which its limit could be used to plug gaps throughout programmes, sources said. -
The Floridian said it had not needed to use the new Reinsurance to Assist Policyholders scheme that was created via new legislation.
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The reinsurer has put the first layer through its captive, a move that reflects the lack of reinsurance capacity for this high-risk business.
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he broker’s analysis found rate increases and lower cat experience contributed to strong underwriting results.
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He moves from Axis Capital and will succeed Jon Levenson.
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Major ILS providers active in Florida including Nephila and Aeolus lifted assumed premiums.
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The proposal is at the upper end of previous proposals put to the insurer’s board.
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The move partly reflected de-risking and re-underwriting activity following 2021 losses.
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Several firm-orders have been released, but there are widespread expectations of a much-delayed renewal as low-layer capacity remains elusive.
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The Florida carrier has yet to finalise its programs as it awaits potential reforms.
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A restructure will see a global product leader appointed for all QBE Re’s business lines.
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The 2022 reinsurance program will support cat losses exceeding $2.5bn, compared to $2bn in the corresponding period last year.
