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There were nearly twice as many new issuances than in 2019, but margins have remained elevated in the post-pandemic rebound.
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Defence costs are expected to remain elevated, as weather losses have also weighed on results. -
Tougher positioning by reinsurers at the 1.1 renewal accelerated the practice of placing business at differentiated terms, Irvan said.
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US cat renewals are outpacing European increases, but as signalled earlier this month, the level of rate hikes has fallen back.
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A recent stress test found that Bermudian carriers pared back their reliance on reinsurance since 2018.
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The consultancy said losses were expected to keep mounting following Q4 disclosures.
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Losses were relatively evenly divided between the two events.
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The 12 Days of ILS Christmas
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The Australian carrier expects a $1.5bn annual loss amid Covid losses and claims development.
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Shares in the Australian carrier slumped 12% following the disclosure.
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HCI is offering $5.2mn in stock plus up to $3.1mn cash for the portfolio.
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Claims arose from events including Hurricane Delta, Hurricane Zeta and Tropical Storm Eta.
