Reinsurance
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Firm order terms reveal an expectation from cedants of price increases between 5% and 10% on flood covers, in line with pricing momentum from 1.1.
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Rate rises on wind covers are broadly in the 5%-10% range, running somewhat ahead of quake increases.
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Aon has said it expects the economic cost of physical damage and business interruption caused by the polar vortex-linked cold snap to “well exceed $10bn”, in an Impact Forecasting report released on Thursday.
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Nat cat and extreme weather claims have become more frequent and severe with hail, heavy rain and wildfires leading to significant losses.
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Legacy acquirer Darag has agreed to buy SunPoint Holdings, the legacy business founded by Fosun in 2017.
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Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London.
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Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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The PE house will inject growth equity capital into Premia after the all-paper deal.
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The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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ARPC said the move improves the pool’s capital strength.
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