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The dangerous storm is now projected to make landfall between Sarasota and Port Charlotte, Florida.
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If transacted successfully and in full, a deal for the state-backed icare could be the largest-ever single legacy transaction in terms of volume of liabilities.
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New flexibility will enable top-performing syndicates to raise cat exposures under the Lloyd’s LCM 5 framework, without a penal increase in the required capital.
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Chief of markets Patrick Tiernan said the Corporation will also launch a disaster scenario exercise with the market, looking at China, Taiwan and the US.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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Inflation will define priorities such as a focus on safeguarding clauses and pricing transparency, as well as line of business challenges, for underwriters and actuaries in the year ahead.
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This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.
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The storm was downgraded from super typhoon status ahead of landfall but was still the equivalent of a significant hurricane.
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Plus all the top news from the Monte Carlo Rendez-Vous and this week’s exclusive executive moves.
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Inver Re said the launch was part of its growing inter-disciplinary approach to reinsurance broking.
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The process provides further evidence of larger deal sizes becoming more frequent in the legacy space.
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Insurance Insider selects 10 exclusive news stories reported by our team on the frontline at Monte Carlo Rendez-Vous.