Property treaty
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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A roundup of the breaking news, C-suite interviews and exclusive insights.
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‘Life-threatening’ storm surge and hurricane-force winds expected for the state, according to the NHC.
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Pricing expectations are still not aligned on higher-risk coverage options.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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Flooding from the remnants of Hurricane Debby has taken carriers by surprise.
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A hurricane watch is now in effect for the Louisiana coastline.
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The carrier said European cat business needs further price improvement.
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Some Canadian cedants have approached the market for top-up cover.
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CEO Thierry Léger claims the “insurability” of global risk is becoming “challenged”.
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Reinsurers are high on their ‘redemption arc’. The question is – how long will it last?
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The US carrier abandoned the project due to high price expectations.
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In its first six weeks, Taurus has brokered more than £100mn of UK real estate.
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Severe thunderstorms, mainly in the US, accounted for 70% of insured losses globally.
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Everest Re bucked a more general trend to keep cat exposure stable.
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The rise is equal to 5%-10% of catastrophe capacity purchased, including cat bonds, depending on region.
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The property market remains “one of the most favourable... I've seen in my career", he said.
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The underwriter moves to the position from his current role leading property D&F.
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The biggest losses were from wind damage after the storm’s Texas landfall.
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Accounts with poor performance records are expected to see flat to 20% rate increases for cat coverage, according to Floridian broker Brown & Brown’s Q3 Market Trends report.
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Insurers' losses will likely be low and readily absorbed by their earnings.
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The flattish outcome comes after a larger year-on-year hike in January.
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The cost of the FY25 program is expected to be broadly in line with FY24 for the carrier.
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Grenada and St Vincent were spared the full brunt of the storm.
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The broker said another strong year would drive pressure for “reasonably significant rate reductions” next year.
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Mid-sized 2023-24 cat losses versus ready capacity held the market in equilibrium.
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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.
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The recent Italian hail and Bernd losses show some companies are relying on outdated models.
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Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
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The new CEO needs to fix the underwriting, but should also ask the bigger questions.
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The announcement confirms earlier reports from this publication.
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Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
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Oversupply of capacity will outweigh casualty and per-risk concerns.
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Last summer’s hail loss has crept significantly for many Italian cedants.
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Competition among insurers is rising as new carriers enter the market.
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The underwriter will report to Kristina Maffit.
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Syndicate 609 will focus on deploying capacity in D&F and specialty.
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Mutual Zenkyoren is expected to reduce its purchase this year.
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Exposures to property are growing materially in the riskier geographies.
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The Australian carrier has a full-year natural peril budget of A$1.09bn.
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
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The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.
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The LatAm telecoms company buys a sizeable protection triggered by windspeeds.
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Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
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The carrier also signed down some Lloyd’s players due to differential pricing.
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The flight of reinsurers to mid- and upper layers of programmes is influenced by recent experience but softening at this level can be seen as a risky move.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
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The primary insurance subsidiary buys around EUR700mn of property cat protection from the wider market.
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Property cat and casualty pricing remain steady following chaotic 2023 renewal, with global cat rates rising 3%.
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Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.
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We look at data trends that shed light on the past year, ranging from growth plans at Lloyd’s to personnel planning, uncertain IPO prospects and the unexpected trends from Florida losses.
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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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The programme was hit hard by February’s Kahramanmaraş earthquake.
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The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
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The ratings agency said premium rate increases for specialty lines would be most pronounced in political risk, terrorism and political violence lines because of heightened geopolitical tensions.
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The pool was launched in July 2022 and is backed by a A$10bn government guarantee.
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He joins from Allianz commercial where he currently holds the role of senior property underwriter.
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The mood at the association’s annual meeting is vastly more congenial this year, but challenges remain, particularly around long-tail lines.
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Barrett was previously senior vice president, P&C specialties at Lockton.
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Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.
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With US third-quarter reporting season being well underway, the results so far highlight further runway for the hard property E&S market.
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Videos and messages posted to social media show widespread devastation caused by the Category 5 hurricane.
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Flights had been suspended into Acapulco after the storm rapidly intensified and made landfall at Category 5 strength.
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Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.
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The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.
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The reinsurer said hardening of property reinsurance conditions must continue.
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During the first nine months of 2023, a total of 24 separate billion-dollar weather and climate disasters have been confirmed by the NOAA’s National Centers for Environmental Information.
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Loss severity and prior-year development in US casualty dominated discussion at The Broadmoor.
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Chris Prior of Inigo Insurance will also be joining Wood at the carrier, marking a re-entry into property D&F for Syndicate 1200.
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Lloyd's chief of markets Patrick Tiernan said the Corporation is comfortable that a cyber risk pre-mortem exercise showed the market could cope with a major cyber incident.
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The capacity supported the cat book and represents upwards of two-thirds of the total book.
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The psychological wounds of the past were serious, and the sector’s redemption arc with capital will take time to play out.
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Insurance Insider has compiled a bite-sized wrap-up of the exclusive news stories and CEO interviews from this year's Monte Carlo Rendez-Vous.
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The paradox of “the best reinsurance market in years” is that there are still question marks over who wants a piece of it.
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Sources have said the layer will provide the carrier with protection for the Northeast US only and attaches at a remote level.
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The French reinsurer said continued price increases, particularly on cat and US casualty, remain necessary.
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Some 15 months on from the property reinsurance exit, he said the firm continued to reserve the right to reshape the portfolio.
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Despite a successful upstreaming of cat risk to primary insurers, reinsurers still have multiple factors to worry about in the run-up to 1 January 2024.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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