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In the US, pricing fell by 6.2% at the major renewal. -
Abundant capacity was driven by reinsurers’ retained earnings after two profitable years.
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The largest non-US event in 2024 was the catastrophic flooding in Valencia.
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Attachment points are unlikely to return to pre-correction levels any time soon.
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An 11th-hour softening has driven discounts into double-digit territory on some deals.
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The firm has commenced writing collateralized retro and reinsurance, but its rated launch is still pending.
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The broker said demand grew more slowly than reinsurer appetite.
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Concern over rate adequacy remains, but reinsurers are delving deeper into data rather than walking away.
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Sources said the executive will join AJ Gallagher in a regional leadership position.
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CEO Trevor Carvey said the revision reflected Conduit’s “favourable reception”.
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The three lines add up to 80% of the deal.
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The transaction mostly covers casualty portfolios of 2021 and prior underwriting years.
