North America
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HCI secured three towers with $3.5bn in XoL coverage. -
The executive will remain CEO of reinsurance until 1 September.
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This year is predicted to be an above-average season, like 2024.
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The $2.59bn renewal is up 45% from last year.
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Up to nine million acres of US land are considered likely to burn.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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The company also has $100mn for US hurricane events.
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Last week, TSR updated its forecast and is now predicting above-average storm activity.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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Most of the losses are attributable to a supercell storm in Texas.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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This will allow Ark to write business on surplus line paper and Lloyd’s business.
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