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CA insurers can now use forward-looking cat models in ratemaking. -
Abundant capacity was driven by reinsurers’ retained earnings after two profitable years.
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An 11th-hour softening has driven discounts into double-digit territory on some deals.
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Insurers are also required to increase coverage in wildfire-prone areas.
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California’s crisis spurred the biggest reforms in decades.
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The broker said demand grew more slowly than reinsurer appetite.
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Most US states have been silent on the regulation of parametric insurance.
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The regulations are part of a state effort to expand wildfire coverage.
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The executive will oversee the group’s strategic financial direction.
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This is CRC’s first purchase since parent TIH sold retail broker McGriff to MMA.
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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
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The company has been buying out Omers’ shares since 2015.
