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A range of buyers have to use private deals to fill out orders, but the vast majority look set to be covered by the end of today.
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A move towards more bilateral trades is counter to what you’d expect from a commoditised market.
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The fund has projected a $1.9bn deficit against potential obligations.
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Insurers are looking to line up private deals as a stalemate emerges over early firm-order terms averaging risk-adjusted increases of 15-20 percent year on year.
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The ratings agency has warned that, if reinsurers and ILS fund managers fail to price differentiate among carriers, they will contribute to the commoditisation of catastrophic risk.
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The transaction’s target price is up on a similar tranche of American Integrity’s cat bond last year.
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Under the new laws, the insurer has a 10-day timeframe to complete its investigations before legal action can be brought.
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FedNat took $18.7mn of net losses from a hail storm in Florida in March.
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The fund currently has a 5 percent cap on reimbursements for loss adjustment expenses.
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The Floridian insurer reported a Q1 combined ratio of 100.3 percent, up 20.1 percentage points from the prior-year period.
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The ratings agency president welcomed the legal change but said Demotech will monitor court challenges to the new law.
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Perhaps it is not the perfect analogy for an event in Florida, but the famous failure of Devon Loch in the Grand National springs to mind.