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Researchers forecast 18 named storms, nine hurricanes and four major hurricanes between June and November 2022. -
Industry association FAIR said a full reinsurance backstop should be provided.
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A key plank will be a Reinsurance to Assist Policyholders (RAP) program providing a $2bn reinsurance layer below the FHCF.
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The firm posted a combined ratio of 81.3% for its P&C segment and 91.7% for its specialty unit, improving from 97.7% and 94.8% in Q1 2021, respectively.
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The loss aggregator pegged the event at EUR3.3bn in its first estimate in March.
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The figure includes around $17mn of unfavorable reserve re-estimates for prior period events.
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The state insurer expects to face a 29% increase in its premium rates, driven by exposure growth.
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Group chief accounting officer Erick Fernandez will step in as an interim.
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Ahead of a market message on 2023 business plans, Lloyd’s has set out early expectations on inflation, ESG and management of cat volatility.
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M Best affirmed its rating of A on the Leadenhall-affiliated platform, which it said plans to increase open market business to take advantage of rising rates.
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The Florida Office of Insurance Regulation signed off a major block of policy cancellations as FedNat works on a plan to keep the Monarch brand afloat.
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Severe convective storms in the US caused hundreds of millions of losses, while a small number of expensive homes in California were hit by a wildfire
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