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The multi-day weather outbreak caused widespread damage from Texas to the Carolinas. -
CA insurers can now use forward-looking cat models in ratemaking.
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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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After two payments, the transaction is expected to be complete in February 2025.
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Insurers are also required to increase coverage in wildfire-prone areas.
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The firm has commenced writing collateralized retro and reinsurance, but its rated launch is still pending.
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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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The program was developed in collaboration with Allianz Commercial.
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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”.
