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Speaking at this publication’s 2021 ILS week, the managing partner of Integral ILS argued that primary catastrophe insurance was the best spot for ILS expansion beyond cat reinsurance.
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The February Deep Freeze has already pushed cedants to access reinsurance, adding fuel for rate rises later this year.
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The insurer has benefited from recoveries from its captive after reworking its reinsurance treaty with the unit.
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The Floridian insurer expects net current quarter “other weather” losses to make up $16.1mn of the claims tally.
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The weather and nat cat analyst is expecting four major hurricanes this year.
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Property losses make up 96% of claims.
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The insurer offset $1.08bn of Q1 cat losses with reinsurance recoveries and subrogation payouts in total.
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Analyst Philip Kett estimates US winter weather losses at $15.3bn.
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Reinsurers are still hoping to achieve double-digit rate increases, but brokers and cedants suggest this is unlikely against the context of strong reinsurance supply.
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States most impacted include Alabama, Mississippi, Texas, Georgia, and Tennessee.
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The industry association reports 37,858 claims lodged so far.
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Both private and cat bond funds were down for the month.