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CFO William McDonnell said reinsurance market stabilisation in 2023 allowed the firm to buy more protection than expected.
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The asset manager’s flagship ILS funds posted stellar returns for its 2023 fiscal year.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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TRUE will use the capital injection to provide underwriting capacity in Florida “at a crucial time” and to expand its footprint nationally, according to a statement.
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The insurer said it has received 19,000 claims from affected policyholders so far, with nearly 65% of these coming from customers in Queensland.
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The firm’s flagship reinsurance strategy delivered its best performance in its 10-year history.
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The broker said global cat rates rose 3% in the 1 January reinsurance renewals.
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Craig Hupper spent more than 25 years at TransRe, performing a variety of roles.
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The firm’s reinsurance leader said over-subscriptions on cat reinsurance programmes have been driven by a psychological shift.
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The broker’s 1st View report predicted that cat bond issuance should remain elevated until at least Q2 2024.
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Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.
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Fermat managing director Nelson Seo has forecast that continued high demand could push ILS issuance volumes even higher in 2024.