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Looking ahead to the rest of the year and 2020, how likely is it that the industry will hold to its resolutions?
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The Australian carrier said December’s Sydney hailstorm would trigger its per-occurrence reinsurance.
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The carrier lifted its retention on a A$475mn aggregate cover. -
The new vehicle managed to launch amid a challenging fundraising market.
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As less ILS capital was available at 1 January, retro rates rose by up to 35 percent on loss-hit deals, the broker said in its 1st View report.
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Quota share and aggregate retro remain the most disrupted pockets of the market ahead of the January renewals, as underlying reinsurance looks flatter.
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Last year’s feast has repeated on the market as Irma losses deteriorated, while fresh wildfires have caught out those who loaded up on liability exposure.
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Steep reserve deterioration may reduce confidence in the fund’s reserving process, Jefferies analyst said in a recent note.
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The firm’s 2017 portfolio loss has risen 15.7 percent to 57.1 percent.
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The manager also said the spread-widening associated with Florence and Michael had a dampening effect on cat bond performance.
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Sources said that Berkshire Hathaway will not support the cover for 2019.
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Continuing cat losses and dislocation at Lloyd’s should support reinsurance renewal rates, the reinsurer suggested.
