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The vehicle is a PGGM investment with Munich Re, complementing the latter's Eden sidecar.
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Underlying rate increases are ranging from 10-25 percent for US regional insurance binders.
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The main disrupted segments are still aggregate retro and sidecar vehicles, where negotiations over the level of trapped capital have held up the renewal process.
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It is the first ILS vehicle to receive the credential from the FNG.
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Any lack of retro support could push reinsurers to reduce their gross footprint in the Sunshine State, suggested Validus Re's Chris Silvester.
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The provider said the losses were driven by the impact of Hurricane Dorian and Japanese typhoons.
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Experts split on how far the mid-year renewals benefitted reinsurers.
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The carrier is among the first P&C insurers to release anticipated loss numbers ahead of the third-quarter earnings season.
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The Amundi Pioneer fund’s value dropped to $819.9mn at the end of July.
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A slew of new retro vehicles were mooted at the Monte Carlo Rendez-Vous and existing players are keen to expand.
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The lift in ILW pricing seen at mid-year has been unilateral across most products and was a further increase on the 2018 pricing correction following 2017 events, according to Aon.
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Aon’s plan to launch an auction platform in time for 1 January 2020 suggests a struggle is underway in the reinsurance space for the position of auction technology market leader.