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The flood insurer cut just under $200mn of limit from its renewal, enabling it to pare back its outlay, although nominal programme-wide rates rose 13%.
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Second- and third-event retentions rise from the year-ago arrangement.
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The broking group said this correction will be more similar to 2005, rather than 2001.
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New capacity did not have a major influence on the outcome, but greater rated paper interest and a drop-off in demand kept rate increases more manageable than feared.
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Loss-free accounts are repricing by high single digits but the real battle is over terms.
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The coronavirus pandemic prompted huge change in a sector already dealing with systemic challenges.
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The majority of the $3.1bn reinsurance tower switched to a two-year deal last year.
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The Boeing loss deterioration to $2bn had prompted a burst of rate acceleration to 30% rises in November, although this was described as “short-lived”.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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Rates for listed companies continue to rise between 200%-400% amid hard market conditions.
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The reinsurer was placed under review in March amid turmoil in its management.
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The club reported a combined ratio of 102.2% for the first half of 2020, and an underwriting deficit of $2.2mn.
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