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The bond will provide cover against named storms in the US.
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The US nationwide has placed $550mn of nat cat risk into the cat bond market already this year.
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The issuance is seeking named storm cover in Florida, Georgia and South Carolina.
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The Florida carrier has yet to finalise its programs as it awaits potential reforms.
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RenaissanceRe CEO Kevin O’Donnell explained on an earnings call his take on the mid-year renewals and a relatively low impact of the Ukraine war.
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American Integrity was looking to replace $79mn of maturing cover.
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The carrier has already secured 85% of all-states, first-event cover for the June renewal.
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Florida-based Universal sees 6.1% drop in policies in force; challenging claims environment pressures underwriting profit.
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The issuance is much smaller-scale than the previous Everglades Re cat bond but the multiples on offer are considerably higher.
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The company cited its continued Q1 2022 underwriting losses and recent rating downgrade.
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With a hugely challenging reinsurance renewal ahead, Florida insurers are maximising participations in the state scheme.
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The Floridian carrier must improve its financial strength rating ahead of its 1 July reinsurance renewal.