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The carrier cut back its treaty limit by around 13% and lowered its deductible. -
The agency projects four major hurricanes and anticipates overall activity around a third higher than long-term norms.
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The funds made a $93.9mn loss in 2019, ahead of a leadership changeover at legacy adviser Armour.
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The total reinsurance program’s cost jumped to $312mn at the renewal, compared with a $272mn price tag a year ago.
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Florida domestic property insurers are getting squeezed, unable to increase rates fast enough to offset mounting losses.
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Divergence between appetite for upper and lower layer reinsurance risk may drive some panel turnover, and disadvantage some segments.
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Pricing on the transaction’s two layers had mixed outcomes.
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The official US forecaster said it did not expect activity to reach last year’s historic peaks.
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The monthly tally came in 14% lower than the $632mn reported a year ago.
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The worldwide aggregate ILW bond covers an unusually wide range of perils for the cat bond sector.
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The association rejects a proposal to buy more reinsurance, citing fears about members’ costs.
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The insurer has been able to lower its projected premium by 3%.
