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The insurer has “several hundred million” of private reinsurance limit remaining.
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CEO John Forney said it was a “tough quarter” for the business.
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The Floridian insurer also transferred $2.9mn of tornado losses to reinsurers in the quarter.
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The rate of increase has slowed since the start of the year.
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The ILS unit has reached $1.6bn assets, as Hiscox’s reinsurance group was hit by 2018 loss creep.
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The RenRe CEO also flagged changes to the firm’s purchased and written retro portfolios in mid-year renewals.
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The insurer expects to report $16mn in net catastrophe losses for the second quarter.
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The momentum for rate increases has built up in a delayed reaction to losses.
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The carrier reported it will absorb $17mn in gross catastrophe losses from Q2.
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Sean Downes will remain with the business as executive chairman.
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Barry could go on to produce storm surge and tropical storm or hurricane force winds across parts of Louisiana, Mississippi and upper Texas coasts, the NHC said.
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The Lane Financial index has returned to levels not seen since 2012.