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The Florida insurer decreased the share of its growing premium base being ceded to reinsurers.
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Reports by analysts at Morgan Stanley and JMP forecast an "underwhelming" renewal.
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The Texan insurer of last resort has increased its Hurricane Harvey loss estimate by 11 percent since January, as it moves to secure more reinsurance.
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The Florida carrier increased its spend from $314mn last year to lift its reinsurance protection.
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Florida-based insurer UPC has inked several large deals with major ILS managers Nephila, Elementum and Aeolus at the 2018 reinsurance renewal.
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The Florida-focused carrier obtains reinsurance protection for a 1-in-400-year event.
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Florida's state-backed insurer is set to buy $1.42bn reinsurance for the 2018 season.
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Florida reinsurance premium rates are expected to rise within a single digit range a year after Hurricane Irma.
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Early signs indicate third-party capital is being deployed aggressively in the Florida market.
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The insurer’s cat losses contributed to a general insurance underwriting loss.
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The reinsurance market’s traditional pricing cycle will be put on “life support” as ILS capacity remains abundant, said Willis Towers Watson Securities in its latest ILS market update.
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Reinsurers were pushed back in their attempts to increase US property rates at the April renewal, with loss-free cedants even demanding slight decreases, Willis Re said in its 1st View report.