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Reinsurers congregating in Bermuda flagged a lack of interest in helping under-capitalised Floridian insurers and under-priced diversifiers, with positive implications for ILS participation. -
CEO Locke Burt said Florida reforms would be “transformational” and that investors had become more receptive to cat risk owing to higher rates.
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The insurer said it received “significant investor interest in building out additional tranches” since launching the market’s first cyber bond in January.
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The US mutual cut back its 1.1 reinsurance program, according to sources.
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Former retro broker Erik Manning is leading the initiative having joined BMS Re in January.
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The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.
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Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.
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The transaction builds on a $1.15bn first-of-its-kind hybrid bank and ILS capital deal in April last year.
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The carrier’s equivalent bond placed last March secured $550mn of limit.
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The guided pricing on the bond is around 60% higher that the Integrity Re offering of last spring.
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The ILS manager said the cat bond sector could double to become a $70bn market in the next three to five years.
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The insurer reported an underwriting profit for Q4.
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