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Talks are focused on sourcing new investment to come in alongside that from current backers Preservation Capital Partners and British Columbia Investment.
The widely syndicated programme is close to finalising its new coverage.
The German carrier will increase the attachment point on its US coverage by 50% to $300mn.
The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
Opinion

Legacy mega-deals: Market divided on potential gains from syndication

The increasing frequency of $1bn-plus deals has led to discussion in legacy circles on whether there is a viable case for legacy deal syndication.
Analysis
Eight syndicates including newer vehicles from CFC and others, as well as mature vehicles from Everest Re and Lancashire, have so far reported increases in stamp capacity of 50% or more.
Panellists at the London Market Conference called on the industry to work together to improve recruitment, the experience of staff, and its own image.
Initial loss estimates for the last quarter show lower hits to equity than observed after hurricanes Harvey, Irma and Maria five years ago.
Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals.
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Interviews
Interviews
The Gallagher UK chair has been nominated as an Aldermanic Sheriff for 2023, which involves closer work with the Lord Mayor on trade and investment matters.
The Corporate Risk and Broking head of global lines of business said staff and client attrition has been reversed – and cast doubt on predictions of further specialty market hardening.
The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.
Richard Dudley, global head of climate strategy at Aon, says existing products such as IP coverage can help insurers take a leading role in opening up investment for new climate transition technology.
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Skyward IPO on deck: One more plate for the E&S/specialty Thanksgiving table

Skyward Specialty has indicated its intent to IPO at a time when investors may be looking for good entry points, though the window of opportunity may be closing.
From Trading Risk

RenRe will not write all-perils cat as it draws line in the sand

The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.
From Inside P&C

Q3 statutory loss data is out: Trends reflect impact of inflation and Ian

As ITC Vegas begins, the Inside P&C Research team explores the discussions needed among InsurTechs to address questions around capital, partnerships, and profitability prospects.
From Insider Engage

Aspen US CEO: Industry must recognize appropriate loss costs

Insurance brokers and M&A lawyers have reported ever more interest for representation & warranties insurance in Latin America in recent years.