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The state insurer is budgeting for an extra 43% of overall coverage in 2025-26. -
The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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Fema's traditional reinsurance programme will attach at losses of $7bn and above.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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The firm has helped underwriting businesses secure $3.5bn in capital.
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The loss tally is considerably lower than estimates issued by model vendors.
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In line with Milton’s moderate forecast loss, the ILS market reaction will be less influential in post-event dynamics.
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The raise includes minority investments from Nationwide, Enstar and others.
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Changes to the categorisation and oversight of managing agents seek to reduce duplication and thereby cut costs.
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Cat bond funds have been attracting inflows while confidence is patchier across collateralised re.
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The company increased its full year 2024 adjusted net income guidance.
