Treaty Reinsurance
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The flood insurer cut just under $200mn of limit from its renewal, enabling it to pare back its outlay, although nominal programme-wide rates rose 13%.
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More competitive pricing than expected brings into focus trade-offs around retaining more risk going forward. -
The reinsurance pact with Enstar’s Cavello Bay has an aggregate limit of $1bn.
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The Arch Worldwide Insurance chief will take up the new position on 1 January.
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Carriers have in recent weeks introduced the endorsements after receiving strong push-back from brokers earlier in the year.
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Tougher positioning by reinsurers at the 1.1 renewal accelerated the practice of placing business at differentiated terms, Irvan said.
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Assurant has been the primary underwriter on EPG’s protection products since 2018.
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HCI is offering $5.2mn in stock plus up to $3.1mn cash for the portfolio.
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The industry must create a united front to ensure preparedness for the next crisis.
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The CEO called reinsurance an incumbents’ market, despite the influx of new capital.
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California blazes including the Glass Fire have driven up the estimate considerably since September.
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Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
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