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The rise accounts for growth in the firm’s specialty auto book. -
Axis did not share any insurance premium with capital partners in Q4, while reinsurance cessions continued.
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The issuance is a similar size to that of 2021 and significantly larger than that of 2020.
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Total issuance during 2021 beat the previous annual peak of £11bn in 2020, according to an Aon note marking the cat bond sector’s 25th anniversary.
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Axa XL’s UK and Lloyd’s CEO said speed of decision-making was key to UK market growth.
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The insurer increased its occurrence treaty coverage by $300mn as the aggregate deal shrank, following a full loss to reinsurers in 2021.
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The firm said its preference for single class exposures had constrained growth in specialty lines as brokers sought to push different classes together in combined programmes.
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The industry is expected to improve its return on capital slightly in 2022.
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Richard Pike joins Howden Re from Berkley Re, where he was responsible for regional ceded reinsurance.
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Both pricing and terms improved in most of its core market, with the firm's year-on-year renewal net rate change for 1.1 business estimated to be +5%
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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.
