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FY24 disclosures show shifting fortunes at reinsurer ILS platforms. -
The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.
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But cat bonds are experiencing negative secondary market price movement.
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Bolding will focus on aligning Gallagher Securities with Gallagher Re.
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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The group ceded 55% more premium to Nephila over the year at $1.3bn.
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The carrier has been reducing its presence in the state since 2007.
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The carrier has recognised two separate losses for the Palisades and Eaton fires.
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The restructuring arrangement is designed to protect creditors.
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Derrick Easton has led Willis’s US ART team since joining the company in 2015.
