Property cat
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Insurers in the emirate typically buy low-attaching reinsurance.
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The recent Italian hail and Bernd losses show some companies are relying on outdated models.
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Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
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The new CEO needs to fix the underwriting, but should also ask the bigger questions.
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The announcement confirms earlier reports from this publication.
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Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
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Oversupply of capacity will outweigh casualty and per-risk concerns.
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Last summer’s hail loss has crept significantly for many Italian cedants.
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Competition among insurers is rising as new carriers enter the market.
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The underwriter will report to Kristina Maffit.
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Syndicate 609 will focus on deploying capacity in D&F and specialty.
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Mutual Zenkyoren is expected to reduce its purchase this year.
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Exposures to property are growing materially in the riskier geographies.
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The Australian carrier has a full-year natural peril budget of A$1.09bn.
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
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The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.
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The LatAm telecoms company buys a sizeable protection triggered by windspeeds.
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Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
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The carrier also signed down some Lloyd’s players due to differential pricing.
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The flight of reinsurers to mid- and upper layers of programmes is influenced by recent experience but softening at this level can be seen as a risky move.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
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The primary insurance subsidiary buys around EUR700mn of property cat protection from the wider market.
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Property cat and casualty pricing remain steady following chaotic 2023 renewal, with global cat rates rising 3%.
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Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.
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We look at data trends that shed light on the past year, ranging from growth plans at Lloyd’s to personnel planning, uncertain IPO prospects and the unexpected trends from Florida losses.
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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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The programme was hit hard by February’s Kahramanmaraş earthquake.
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The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
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The ratings agency said premium rate increases for specialty lines would be most pronounced in political risk, terrorism and political violence lines because of heightened geopolitical tensions.
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The pool was launched in July 2022 and is backed by a A$10bn government guarantee.
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He joins from Allianz commercial where he currently holds the role of senior property underwriter.
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