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Local executives expect the island to weather global reform efforts in light of Bermuda’s other advantages and the time it will take to implement minimum tax levels.
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Sources suggested the ESG credit for using green collateral is overshadowed by longer-term ambitions for underwriting clarity.
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New and growing carriers helped to fill out treaties as Sompo stepped back from a market that came in flatter than expected for remote risk.
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The funds made a $93.9mn loss in 2019, ahead of a leadership changeover at legacy adviser Armour.
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Berkshire, along with some other expansive reinsurers, grew its level of assumed reinsurance premium from top Florida insurers significantly in 2020, as the ILS market share dropped overall.
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Efforts to curb covers for the most carbon-heavy assets are gaining pace and the infrastructure that allows for Paris alignment on the liabilities side of the balance sheet is improving.
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Whatever their eventual impact on runaway loss inflation the fact reforms were enacted at all is a happy surprise for the industry.
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Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.
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Many carriers agreed on the growing attraction of primary markets but differed on reinsurance-expansion tactics.
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The February Deep Freeze has already pushed cedants to access reinsurance, adding fuel for rate rises later this year.
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Reinsurers are still hoping to achieve double-digit rate increases, but brokers and cedants suggest this is unlikely against the context of strong reinsurance supply.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
