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Last week, we revealed AIG had purchased a new $2bn aggregate catastrophe reinsurance cover as well as a new international cat treaty and made other notable structural changes - signalling a shift under new CEO Brian Duperreault towards laying off more risk to reinsurers.
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The rate increases in property direct and facultative business were one of the more headline-grabbing outcomes of what was perhaps a more muted 1.1 renewal season than anticipated.
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Reinsurers are weighing up a complex position with a lot of moving parts as they start trying to assess their prospects for 2018.
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"I've been down so goddamn long that it looks like up to me." So sang Jim Morrison on the Doors' last studio album LA Woman.
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Amazon.com, the internet giant that began by demolishing your favourite bookshop before turning American shopping malls into vacant hangars, may at last be poised to plunge into the property and casualty insurance business
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"Rates went up less than reinsurers were hoping at 1.1 because there was too much capital"
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Underwriting rooms at property cat reinsurers may have been best avoided this week as executives came to terms with a miserable 1 January renewal that fell well short of expectations
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After just shy of two decades at the top, Charles Philipps is bowing out of MS Amlin
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On Tuesday, in our weekly publication, Editor-in-Chief Adam McNestrie issued his prescription for success in the absence of hefty rate increases. He suggested carriers diversify, cut costs, engage in M&A and/or become quasi-fund managers - managing third-party capital in exchange for fee income
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In many sports, contestants feed off public displays of confidence
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The broad shape of the 1 January renewals is now clear. And although there is a bull case to be made around casualty and an uptick in elements of primary pricing, the outcome is broadly disappointing for a reinsurance market still disproportionately reliant on property to make money.
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We gave our early take on the renewals on Friday