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Florida domestic insurers have around $2.5bn of on-risk cat bonds, with flood and other ILW based deals exposed to the storm.
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The former Gallagher Re broker is the second departure from the firm in Bermuda since the Willis Re sale.
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The ratings firm also predicted that ILS losses from Covid-19 would remain limited.
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The Sompo International company was placed into run-off in June 2019.
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The industry is sharpening its exposure forecasting capabilities in response to investor demand.
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HSCM has had a majority stake in the company since 2020.
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The ratings agency has given the carriers until next week to respond.
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Kalachian moves from Allianz where he was a managing director.
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The firm assigned a neutral outlook overall to ILS but is strongly positive on many non-life risks as it seeks diversifying strategies that can withstand inflation.
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Its half-year gain was down slightly from 1.43% in the prior year period.
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Sources say investor capacity may be returning to the market, but hurricane season could “make or break” the market.
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Australia and Florida buyers faced capacity problems as inflation drives up pricing.