Regulation
-
FHCF rates are also projected to decrease by a statewide average of 7.38%.
-
The rise comes as competition has increased for ILS between jurisdictions.
-
Bermuda liquidators had earlier objected to out-of-court agreements between parties.
-
The body’s budget committee is again pressing Citizens over solvency concerns.
-
The agency stressed the physical impact of climate risk on companies.
-
The approval takes account of several out-of-court settlements.
-
All parties interested in the case have agreed to participate in the process.
-
Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
-
The ILS cedants will receive “substantially decreased” S&P capital relief following the criteria changes, Arch said.
-
The UK government has set out a re-energised international development agenda which has highlighted the potential for greater disaster risk financing.
-
The move reflects years of weak profitability caused by high cost inflation and cat losses.
-
The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.
-
The two associations will work together on six matters, including climate change, cyber risks and taxation.
-
If the assets of the cell form part of the Vesttoo estate, this may impact the priority of returning associated capital to cedants.
-
The Court has granted the stay based on a revised order agreed between Vesttoo and White Rock.
-
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.
-
The APRA intends to review reinsurance settings in the Australian prudential framework over the course of 2023 and the first half of 2024.
-
The agency said it will take rating actions where warranted.
-
The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
-
Some sources have called for more transparency on secondary trades, though others note the buy-and-hold nature of the market limits trading appetite.
-
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.
-
The bills place additional requirements on insurers in the state and expand consumer protections.
-
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.
-
On Thursday, the bill passed 23-15 in Florida's Senate, after passing the House last week.
-
Yaworsky has served as interim insurance commissioner since being nominated by Governor Ron DeSantis last month.
-
The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.
-
The grant has so far supported cat bond issuances Kite Re and Greater Bay Re.
-
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”.
-
The attempt to increase the supply of insurance in the state has been submitted for governor approval.
-
Following recent hurricanes, more than 610,000 residential property claims were filed in the state.
-
The regulator examined carriers’ ability to model nat-cat and cyber events, with mixed results.
-
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.
-
The industry group has launched its first target-setting protocol.
-
KBRA believes First Protective’s and Frontline’s strong underwriting and claims handling compares favourably with that of their Florida peers.
-
Senate Bill 2A addresses key concerns in the Florida property market, including one-way attorney fees and assignment of benefits, the ratings agency said.
-
The legislature met for a special session this week, discussing key concerns in the state's property insurance market.
-
The regulator has implemented several changes, which it says will increase UK competitiveness and bolster participation in the UK’s ILS market.
-
Florida has been seeking legislative reform amid a breakdown of the functionality of its insurance market.
-
The bill under discussion tackles key concerns like eliminating one-way attorney fees and getting rid of the state’s controversial assignment of benefits right.
-
The state’s legislature has published its reform bill to be debated in the special session this week with wide-ranging reforms to tackle high litigation costs.
-
The upcoming special session, which will take place from December 12 to 16, will need to consider how to make Florida attractive to national insurers and reinsurers.
-
The special session comes as the Florida market braces itself for the effects of the anticipated reinsurance market hardening, potential regional insolvencies and the dearth of private capital.
-
The agency has also cut the carrier’s long-term issuer default rating to A-.
-
Several structural factors, including the pricing cycle, make insurers more insulated from US activist states.
-
The committee will be chaired by Albourne Partners’ MD and Asia region head Debra Ng.
-
The ratings agency placed the carrier’s ratings on negative review earlier this year, prompting broker and cedant scrutiny.
-
The leadership contender is said to be privately critical of the FCA, which has been beset by strikes and delays.
-
Nicole Fried cited her department’s duty to act in consumers’ best interests.
Most Recent
-
ILS Advisers index gains 0.85% in March
03 May 2024 -
Perils ups Storm Ciaran estimate to EUR2.04bn
03 May 2024