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Tower Hill secured $400mn of Winston Re limit in 2024. -
Bolding will focus on aligning Gallagher Securities with Gallagher Re.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The reinsurer has cut the cession rate to 33% from 40% last year.
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The group ceded 55% more premium to Nephila over the year at $1.3bn.
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The sponsor secured $100mn limit last year, paying a multiple of 8.3x.
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The carrier has been reducing its presence in the state since 2007.
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The carrier has recognised two separate losses for the Palisades and Eaton fires.
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The value of its investment in RenRe stood at $330.4mn as of 30 June 2024.
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Derrick Easton has led Willis’s US ART team since joining the company in 2015.
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Programs did not offer adequate risk-adjusted return.
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Shreeve’s role will encompass the Aon Captive & Insurance Managers’ ILS business.
