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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.
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The ratings agency says the legislation is a step in the right direction but flags there could be loopholes in the new law.
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Reinsurers that have been reliant on retro cover also pared back their market share, as the broker said mid-year renewals showed tangible pricing momentum.
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The hedge fund’s participation drove an overall increase in ILS use by the Floridian insurer for its 2019-20 programme.
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The capped increase compares with an 8.5 percent rise envisaged before the measures to curb assignment of benefits abuse.
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The Florida-based insurer is looking to drop the rate increase for personal lines policyholders from 8.2 percent to 4.7 percent.