Covea forced to withdraw treaty FoTs following hail loss update
French mutual Covea has reissued firm order terms (FoTs) on its property excess-of-loss (XoL) treaty after a meaningful revision to its French hail losses in one of the toughest European cat renewals in recent memory.
Sources told this publication that the lead reinsurer on the treaty is Munich Re, which has a 15% line.
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