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The Democratic senator said increased federal oversight of insurance is not the answer. -
Kathleen Reardon, CEO of Hiscox Re & ILS, also talked about the impact of the California wildfires and why it’s important for cedants to work with a reinsurer with strong underwriting and modelling skills when disaster strikes.
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The MGA recently secured capacity to write HNW homes in California.
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The carrier was seeking to expand its March 1-renewing program.
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While significant, the fires are expected to be an earnings rather than a capital event for the industry, John Huff, CEO of the Association of Bermuda Insurers & Reinsurers, said.
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Admitted insurer withdrawals and rising demand are pushing more entrants into E&S.
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Aviation reserve strengthening added 10.1 points to the combined ratio.
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Four cat modelers have also submitted their tech for regulatory review.
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Executives see earnings benefits from workers’ comp beginning to diminish.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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Hippo estimated its pre-tax cat loss from the LA wildfires at $42mn.
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As of February 14, the company received 405 claims.
