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Two large ILS managers bucked the trend for alternative retractions, but traditional carriers recorded the fastest expansion.
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The carrier abandoned plans to do a new cat bond and boosted traditional cover on “better terms”.
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The Floridian insurer said it has secured most of the reinsurance limit it requires ahead of the 2020 hurricane season.
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The carrier said it would focus on growing outside of Florida until pricing in the state “more accurately reflects our increased costs of doing business.”
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Some insurers in the panhandle may not be able to handle reinsurance rate increases in the 1 June renewal, according to Bruce Lucas.
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The new multi-peril deal would effectively replace a soon-to-expire 2017 bond.
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The carrier has now exhausted its private reinsurance cover for 2017 storm Irma, with $1.3bn of public reinsurance cover remaining.
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The Floridian insurer remained in underwriting profit but recorded $4.3mn of prior-year loss creep.
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The entity has told brokers that its “minimum standards” on all terms and conditions will include exclusions for these perils.
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A now-defunct bill that would have banned “contingency risk multiplier” fees passed the House but survived just ten days in the Senate.
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Early firm orders showed similar levels of increases to 2019, but are not expected to be a strong benchmark in a fast-changing market.
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Insurers are increasingly turning to the state-backed reinsurer for capacity.