Issues
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The four European carriers have significantly outpaced Bermudian reinsurers in GWP growth so far this year.
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The latest Galileo cat bond has five tranches and will cover various natural catastrophe risks in the US, Canada, Puerto Rico and the US Virgin Islands, Europe and Australia.
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The mooted lead-follow arrangement was another bone of contention.
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Casualty rates and T&Cs should improve for 24-36 months, the executive said.
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As claims from Dorian and Faxai dent Q3 results, this publication assesses the impact on the market so far.
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AIG’s AlphaCat-managed ILS funds grew AuM by $200mn in Q3, while assets at Nephila, Hiscox ILS and Mt Logan dipped in the quarter.
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After years of cheap capacity and widening terms, complex accounts renewing in recent weeks have attracted low double-digit rate hikes.
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Travelers chairman and CEO Alan Schnitzer is a vocal critic of a US litigation culture he claims imposes a “tax across society”. A worsening tort environment was the driving factor in the carrier’s own quarterly earnings shortfall, and has also emerged as key theme of the third quarter reporting period.
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Now is the time to prove the growth rationale behind the 2015 Ace-Chubb merger, Inside P&C analysts said.
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A more litigious environment in the country has pushed up claims frequency and severity.
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The report showed record levels of funding but also emerging geographies, a changing funding composition and renewed B2B focus.
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Rates are technically weak, but growth mindset and regional capacity will check pricing.