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A 20% increase in FHCF retention levels sent cedants to the private market. -
SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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Two large storms hit the Midwest and Ohio Valley regions on May 14-17 and May 18-20.
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The bond will provide named storm and quake coverage in the US.
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As with 2024, pricing pressure has been most acute on top layers.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The reinsurer’s CFO cited a 1.5% net price reduction year to date.
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Rates have fallen an average of 10%, though changes can be highly specific to each property.
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Former Aviva and AIA CEO Mark Wilson will lead the new initiative.
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Gallagher Re said rates had softened in 2025 versus the prior two years.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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The reinsurer also promoted Ethan Allen to chief program officer.
