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The move comes amid a general cutback from reinsurers’ in their cat risk appetite.
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The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.
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The forecast included three intense hurricanes, six hurricanes and 13 tropical storms.
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The California Earthquake Authority expects difficulty sourcing capacity well into 2023.
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Analysts said attachment points are now far behind the rate of inflation over the period.
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The German carrier will increase the attachment point on its US coverage by 50% to $300mn.
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The reissue of terms comes amid a tough European property cat market.
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The risk is increasing of some cedants ‘running naked’ in early January as the market faces a ‘horrendous bottleneck’ of negotiation ahead.
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The reinsurer said the appointment comes as it looks to grow in the property treaty arena.
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The Corporation’s CEO said the market could be 50% bigger in treaty reinsurance business.
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Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
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It is understood that Ascot will continue to write worldwide retro business.