(Re)insurers
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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 state carrier is moving to redeem its 2022 Everglades issuance a year early.
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The carrier is seeking named storm coverage in the state of Texas.
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Sources are expecting multi-billion new limit to be placed.
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The cat bond will initially cover named storms in Florida and South Carolina.
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The cat bond will cover earthquake and named storm events.
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Twia’s actuarial and underwriting committee made the recommendation last week.
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The Australian insurer will have $1.7bn of core XOL cover this year.
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The increase in limit reflects the carrier’s growing exposure.
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The Bermudian said its third-party vehicles were “sufficiently capitalised”.
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The review followed a methodology change.
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Improving the speed and efficiency of settlements is required to help the market grow.
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The executive joins the company as it looks to bolster its reinsurance capabilities.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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GC Securities is the sole structuring agent and sole bookrunner on the deal.
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Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.
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The deal closed at the top end of the Farm Bureau’s revised target size, having grown from an initial $200mn offering.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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The amount offered in Class A and B notes has also expanded slightly.
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This latest funding round brings total committed capital for the collateralized reinsurer to $75mn.
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E+S Rück said that natural disasters and persistently high inflation have again "taken a toll" on the German insurance industry.
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However, most P&C insurers will still miss their cost of capital targets and as a result, rate hardening and capacity constraints are expected to continue into 2024, according to Swiss Re.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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Court filings indicate use of “phony phone numbers” and creation of a “wholly fictitious person” in the letters of credit fraud that has engulfed Vesttoo.
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The ratings agency said the reinsurance market was ‘the hardest in decades’ amid tightened terms and conditions as well as increased rates.
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Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.
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Mark to market investment losses and decreased capital allocation in high volatility lines are contributing to an ongoing hard market for reinsurance.
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More than half of the top 20 global reinsurers maintained or reduced their natural catastrophe exposures during the January 2023 renewals.
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The broker said that capital levels should stabilise at previous levels, given a normal second half.
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Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire.
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The carrier was originally in the market for extra capacity at January 1 before pulling plans.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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