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Mark to market investment losses and decreased capital allocation in high volatility lines are contributing to an ongoing hard market for reinsurance.
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The broking firm’s (re)insurance market update said growth in alternative capital is a now a permanent feature of the market.
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More than half of the top 20 global reinsurers maintained or reduced their natural catastrophe exposures during the January 2023 renewals.
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The Court has granted the stay based on a revised order agreed between Vesttoo and White Rock.
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The broker said that capital levels should stabilise at previous levels, given a normal second half.
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The move comes as investors are on track to reject a bid from Liontrust.
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The executive joined the company from Scor, where he helped to launch Scor P&C Ventures.
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The transaction covered a portfolio of $250mn in casualty risk premiums.
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Investors will have to wait an additional three years for collateral to be returned.
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AM Best said market hardening was likely to continue through 2024, given global market conditions.
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The ILS business ‘continues to be an important differentiator’, says Aspen CEO Mark Cloutier
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Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.