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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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The pair have permission to undertake a Part VII transfer.
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The LPT will provide the unnamed California-based pool with reserves related to legacy general liability, employment practices liability and auto liability risks.
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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 increasing frequency of $1bn-plus deals has led to discussion in legacy circles on whether there is a viable case for legacy deal syndication.
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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 RenRe vehicle, formerly a major retro writer, has been a reduced force this year.