Reinsurance
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Tallahassee avoided a major hit – but flood and storm-surge losses remain unknown.
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The Corporation’s CUO said managing agents must ensure they manage the future differently to the past.
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Reinsurers will likely push for double-digit US premium rate increases.
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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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Legal trends, the primary pricing micro-cycle and other factors all play into an opaque outlook.
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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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Despite potential claims stretching into the billions, the events are not expected to shift the dial on pricing.
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Reinsurers are tightening their grip on certain specialty lines to make sure they remain profitable, say senior executives participating in our virtual roundtable.
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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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Negotiations are getting tougher, but overall market capacity is stable.
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The UK subsidiary of Carrick will acquire BMS International Insurance DAC and Seamair Insurance DAC.
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Future deal flow in the US could come from more adequately reserved liability lines.
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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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Renewals will depend on clients’ ability to differentiate themselves from broad-brush trends.
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“They want to grow their portfolios,” Guy Carpenter's CEO added.
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The take-private is expected to close by mid-2025.
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Hundle & Partners will provide capital support for the business, which will focus on acquiring corporate liabilities.
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Sources said the venture will look to service both US and European corporates and is backed by family office money.
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The US carrier abandoned the project due to high price expectations.
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The deal covered US and European P&C liabilities for Accelerant's 2020-2021 underwriting years.
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The James River-Long Tail Re deal is the latest example of deal-specific investor capital.
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In its first six weeks, Taurus has brokered more than £100mn of UK real estate.
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The new broking president added that hundreds of Marsh staff would not show up tomorrow at WTW.
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The legacy firm said the deal would strengthen its Bermuda operations.
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The transactions will de-risk all North America middle-market reserves up to 30 June 2024.
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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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This is Carrick’s second transaction this year and Insurance Insider understands it expects to complete others before year end.
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The firm escapes public market distractions and long-term undervaluation, but the low mark will hurt peer companies.
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The ratings agency said Sixth Street provides flexibility through long-dated capital.
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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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She will work on preparations for the take-private deal with Sixth Street before departing.
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The deal values the business just under its closing price on Friday, at 0.97x book value.
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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 executive replaces interim CEO Paul Brockman, who remains group COO.
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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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Acquirers are increasingly discerning around deals, according to a report.
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Insurers' losses will likely be low and readily absorbed by their earnings.
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This publication has reported several exits from the carrier’s Lloyd’s operation.
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The specialty treaty market is preparing to deal with the fallout from the Baltimore bridge disaster.
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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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Plus the latest people moves and all the top news of the week.
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Enstar will provide $430mn of excess cover over ~$1.7bn of underlying reserves.
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Some 39% of respondents expect deal volumes to increase in the next 12 months.
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The transaction is conditional to the completion of the sale of shares in Accredited to Onex.
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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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The liquidation will let the company sell its Accredited arm to Onex via an alternative transfer structure.
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SCS caused global insured losses worth at least $8bn in the first quarter of 2024.
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With topco liquidation looming, there are questions for R&Q and the wider market.
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Reinsurers “weren’t getting paid” before 2023’s hardening, the Lloyd’s executive argued.
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The Canadian PE house is delaying close and seeking to renegotiate aspects of the deal.
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The broker has more than 30 years’ experience in the London motor market.
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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 deal will see Darag manage open claims relating to the runoff of Unipol Re.
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