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The FHCF opted to “sit this renewal out”, according to sources.
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Small increases on international cat treaties such as the New Zealand EQC are being welcomed by reinsurers, with US nationwide deals also rising by up to 15%.
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Launched late in the renewal process, Casablanca Re is offering spreads of 600-850 basis points.
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Pricing has moved to the top of the initial guidance, according to sources.
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Capitol Preferred cancelling over 23,000 policies could drive customers to state-backed insurer Citizens.
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Reinsurance rates increased were manageable, a number of carriers said.
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Even as Florida rates improve, the reinsurer said it expects to hold back capacity for net growth and potential new demand.
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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.