Regulation
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FHCF rates are also projected to decrease by a statewide average of 7.38%.
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The rise comes as competition has increased for ILS between jurisdictions.
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Bermuda liquidators had earlier objected to out-of-court agreements between parties.
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The body’s budget committee is again pressing Citizens over solvency concerns.
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The agency stressed the physical impact of climate risk on companies.
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The approval takes account of several out-of-court settlements.
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All parties interested in the case have agreed to participate in the process.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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The ILS cedants will receive “substantially decreased” S&P capital relief following the criteria changes, Arch said.
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The UK government has set out a re-energised international development agenda which has highlighted the potential for greater disaster risk financing.
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The move reflects years of weak profitability caused by high cost inflation and cat losses.
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The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.
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The two associations will work together on six matters, including climate change, cyber risks and taxation.
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If the assets of the cell form part of the Vesttoo estate, this may impact the priority of returning associated capital to cedants.
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The Court has granted the stay based on a revised order agreed between Vesttoo and White Rock.
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The Inside P&C Research Team has examined the impact on 2025 earnings for Bermudians of a proposed corporate tax rate of 15% for large multinational firms in Bermuda.
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The APRA intends to review reinsurance settings in the Australian prudential framework over the course of 2023 and the first half of 2024.
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The agency said it will take rating actions where warranted.
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The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
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Some sources have called for more transparency on secondary trades, though others note the buy-and-hold nature of the market limits trading appetite.
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The European Commission suggested that its review should include looking at the risks for retail investors of access to instruments including cat bonds and other niche alternatives.
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The bills place additional requirements on insurers in the state and expand consumer protections.
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At Trading Risk’s London ILS 2023 conference, the PRA’s head of division for London markets, Andrew Dyer, explained how the PRA is executing its plans to bolster the UK ILS market.
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On Thursday, the bill passed 23-15 in Florida's Senate, after passing the House last week.
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Yaworsky has served as interim insurance commissioner since being nominated by Governor Ron DeSantis last month.
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The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.
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The grant has so far supported cat bond issuances Kite Re and Greater Bay Re.
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Ron DeSantis has also announced proposals to modernize Florida’s "bad faith" law, in the latest set of reforms he described as the most “comprehensive in decades”.
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The attempt to increase the supply of insurance in the state has been submitted for governor approval.
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Following recent hurricanes, more than 610,000 residential property claims were filed in the state.
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The regulator examined carriers’ ability to model nat-cat and cyber events, with mixed results.
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The downgrades were linked to a reduction in CEA’s claims-paying capacity to 1-in-360 years, from 1-in-400 years, and reinsurance market challenges.
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The industry group has launched its first target-setting protocol.
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KBRA believes First Protective’s and Frontline’s strong underwriting and claims handling compares favourably with that of their Florida peers.
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Senate Bill 2A addresses key concerns in the Florida property market, including one-way attorney fees and assignment of benefits, the ratings agency said.
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The legislature met for a special session this week, discussing key concerns in the state's property insurance market.
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