Renewals
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Many cedants secured aggregate and subsequent coverage at 1 January. -
Abundant capacity was driven by reinsurers’ retained earnings after two profitable years.
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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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In property, Canada, Central and Eastern Europe and UAE renewals were impacted by losses.
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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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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
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The carrier increased specialty premium by 39% by the nine-month mark.
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Milton and Helene will join reserve trends, cat losses and organic growth as Q3’s key topics.
