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Retro market sources said that capacity shortages would not be a factor in the January renewals after ILS managers reloaded lost capital, but that uncertainty over underlying reinsurance repricing was contributing to a stand-off
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Markel Catco has said it will raise gross proceeds of $543mn by issuing new shares in its London-listed Catco Reinsurance Opportunities Fund.
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Guernsey-based start-up Brilliant Reinsurance is aiming to provide retro cover to the Lloyd's market.
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The managers of start-up ILS fund Lutece Re said they had raised a "significant amount" of committed capital to begin underwriting at the 1 January renewals
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The reinsurance industry will absorb 50 percent of some $90bn of Q3 catastrophe losses with the rest retained by the primary market, AM Best's chief rating officer Stefan Holzberger said at the rating agency's London market conference.
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The 2017 catastrophe events have highlighted the extent to which ILS managers are benefiting from industry loss warranty (ILW) hedging, but market sources have questioned where the losses will ultimately fall as more clarity is gained over HIM claims in months to come.
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Erik Manning's start-up ILS fund Lutèce Re has raised capital to begin underwriting retro business during the 1 January renewals, Trading Risk understands
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Third quarter catastrophe losses represented a 7 to 14 percent hit to the shareholders' equity of global reinsurers, with major catastrophe writers such as Everest Re, Lloyd's of London, Lancashire and RenaissanceRe the most severely affected
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A rating correction is widely expected in 2018 after reinsurers said they would push for increases in response to catastrophe losses that have highlighted their softer margins
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Four of the listed Florida insurers have ceded more than $1.2bn of third quarter catastrophe claims to their reinsurers, based on estimates from their quarterly disclosures
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The California wildfires have prompted write-downs to aggregate cat bonds covering USAA and Nationwide, although the former has revised down year-to-date catastrophe loss estimates that had suggested a payout under one of its Residential Re deals, Trading Risk understands
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At this point there are a lot of questions being asked in the reinsurance markets and few definitive answers available. As it is a journalist's privilege to ask questions, let's go through some on the list