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The departure less than a month after GBLI announced it was halting the sale process for subsidiary Penn-America, parent company of Penn-Patriot.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.
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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
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December premiums were up for all three of the top E&S states, with California posting the largest percentage increase at 44.2% YoY.
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TRUE will use the capital injection to provide underwriting capacity in Florida “at a crucial time” and to expand its footprint nationally, according to a statement.
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2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
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Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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The carrier believes its existing reserves account for any liability relating to claims.
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Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.
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The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.