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Reinsurance sources say the pool targets the wrong aspects of Australian cat losses.
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Ex Ascot colleagues Gavin Wall, Chris McGill, Matthew Eve and Parth Patel are reuniting at the new unit.
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SCS caused global insured losses worth at least $8bn in the first quarter of 2024.
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Reinsurers “weren’t getting paid” before 2023’s hardening, the Lloyd’s executive argued.
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Reinsurers are much better placed to absorb cat losses; insurers are carrying more risk.
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The Florida portion of the program provides $1bn in protection.
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The Howden-owned MGA lost ~$250mn in cat capacity in September.
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Additional capacity for upper-layer coverage is driving rate reductions, the broker said.
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Forecasters have warned that a number of meteorological factors could make this year the most active on record.
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The outlook calls for an 85% chance of an above-normal season.
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Approximately 1.2 million units are vacant throughout the state.
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Insurers in the emirate typically buy low-attaching reinsurance.