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Beazley leads the first $100mn layer of the programme, while Tokio Marine HCC leads the second on the Alesco-placed cover. -
Overall, insurance rates fell by 1%, led by competition in property.
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Risk managers are increasingly concerned about insurability.
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The LMA report focused on first-party property damage from a coverage perspective and on eight key sectors.
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The three-year deal is expected to generate $200mn in GWP over the period.
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Aon executive Daniele de Bosini said reinforced infrastructure had mitigated the impact of recent disaster events.
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As a result of mostly flooding, £495mn ($644mn) of losses occurred in the UK.
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Uncertainty around court outcomes is almost forcing carriers to settle claims.
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The Flex consortium will offer up to EUR/$50mn limit.
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Capital diversity can only be achieved when there are more options for third-party providers to access.
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Cedants and brokers called for long-term relationships as reinsurers addressed loss creep.
