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Spreads could continue widening throughout the rest of the year. -
Storms struck the Great Plains, the Midwest and the Southeast.
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Cession ratios declined at three of the four publicly listed Floridians.
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The carrier also reported a $16mn satellite loss during the quarter.
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The company plans to reduce its quota share to 20% from 40%.
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The sponsor was targeting between $850mn-$1.1bn of coverage in the latest mega-bond to hit the ILS market.
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The capital will be deployed by Bermuda-based special purpose insurer Arachne.
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Dan Vestergren has started investing in cat risk but the firm may look more broadly over time, sources said.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
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He will report to Kelly Superczynski, Aon’s global head of capital advisory.
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Twia needed to purchase $3.35bn of reinsurance to satisfy its $6.5bn 1-in-100 PML.
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CFO Christoph Jurecka declined to give a loss estimate for the Baltimore Bridge loss.
