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Continuing cat losses and dislocation at Lloyd’s should support reinsurance renewal rates, the reinsurer suggested.
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Munich Re said there was growing pressure for underwriting discipline.
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Human behaviour now has a smaller role in determining pricing, according to the broker's president and global head of casualty.
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The carrier also signed up 50 percent more investors during the July renewal.
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ILS managers were offering larger line sizes and seeking to compete more often on reinstateable layers in the Florida June renewal, Willis Re observed in its mid-year 1st View report.
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The insurer secured $445mn of catastrophe reinsurance at 1 July for a rate reduction.
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In its 1st View report the broker said the impetus for risk-adjusted rate increases had stalled at the June and July renewals.
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July’s renewals may outperform 1/6 which focused on Florida-attracted alternative capital.
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Florida catastrophe reinsurance rates crept up by 1.2 percent on average at this year’s 1 June renewal, marking the first increase in seven years, according to JLT Re.
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Demand for retrocession is expected to be up slightly at the mid-year renewals, but with relatively little business concluded so far there is no clear outlook on how rates will hold up.
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Property cat rates in the state remain 40 percent below 2012 levels.
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Federated National has cut its reinsurance spend by 17 percent as it pared back its programme to match a shrinking Florida portfolio.