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The firm’s Q4 fee income was down year on year, but over the course of 2018 has risen 35 percent from 2017.
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Kevin O’Donnell, CEO of the Bermuda-based company, said he expected reinsurance rates to rise in later 2019 renewals.
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Hurricane Michael generated a larger loss for the carrier than 2017’s Irma.
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The board of Bermuda-based Markel Catco’s listed fund will review arrangements as the transition takes place following the founding CEO’s departure.
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A key question is whether retro dislocation will spill over into reinsurance renewals.
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In the US, renewal results varied widely and wildfire losses were a subject of focus.
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Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.
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The fund manager’s scarce capacity contributed to a generally difficult retro renewal at 1 January for buyers
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Cat bond investors have varying rights to share in subrogation benefits, as it has emerged following the Californian wildfires of 2017-2018.
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The broker said deployable ILS capacity could become more broadly constrained, but equally there were signs capital could increase.
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A new $213mn issuance has been added to an $87mn Eden Re tranche done in December.
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The size of the vehicle was not disclosed.