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The Gulf Coast state is keen to distance itself from Florida’s insurance woes but is resistant to some underlying changes.
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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The two Lloyd’s players are the first to bring sidecars to market as they seek to capitalise on surging projected returns.
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Cedants may find past behaviour coming back to haunt them, while brokers should be preparing in depth to achieve simplicity.
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The £70mn deal follows a flurry of Lloyd’s legacy activity, with a major MS Amlin transaction also currently in train.
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The legacy specialist has made its second foray into medical professional liability.
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The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
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The bakery will be able to claim for multiple separate incidences rather than confining its losses to a single £2.5mn ($2.8mn) cap.
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So far, the company has received nearly 12,000 claims associated with the storm.
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The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
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The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.
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Fidelis and MS Reinsurance are among the ceding companies that have support from Ajit Jain’s unit.