Berkshire Hathaway
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This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
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The reinsurance result was boosted by the group’s acquisition of TransRe last year.
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Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.
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Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
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Early private deals have provided far more stability in this year’s renewal than last.
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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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Given better pricing following a disappointing January 1, the company increased its exposure significantly.
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The ending of an exclusivity arrangement also allows Berkshire Hathaway to offer reinsurance to Australian rivals.
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The renewal equates to 20% of its total 32.5% quota share agreement, with another 10% having recently been renewed by Munich Re and Swiss Re.
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Fidelis and MS Reinsurance are among the ceding companies that have support from Ajit Jain’s unit.
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The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
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The purchaser is known for having a very low cession ratio, although it said it would leave Alleghany to operate independently.
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The transaction will create a reinsurance entity roughly on a par with Scor in terms of net reinsurance premium.
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The deal values the TransRe owner at 1.26 times book value as of 31 December 2021, and represents a 29% premium on its stock price.
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The reinsurer said the deals would enhance its abilities to provide innovative solutions for clients.
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CEO Richard Brindle calls for pricing corrections to reflect climate change and exposure growth.
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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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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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Its quota share partnerships provide the equivalent of $4.1bn of capital support based on 1-in-250-year loss scenarios.
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The carrier’s long-standing client Alfa has become an equity investor.
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The deal will come into effect on 1 October, with the specialty player's gross lines likely to scale up by a quarter.
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Warren Buffett’s reinsurance business fell to a $1.1bn loss as Covid-19 and prior-year casualty losses hit the result.
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Warren Buffett said the company faces a more limited impact from the virus than some other insurers.
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The retro renewals are still in the calm-before-the storm phase but it seems that capacity limitations are set to open up more of a role for opportunistic players.