Reinsurance
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The figures imply first-layer reinsurance recoveries for Helene. -
The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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The firm has helped underwriting businesses secure $3.5bn in capital.
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Insured losses for 9M 2024 have hit $102bn, according to a report.
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Ralph Beutter, currently the board member responsible for specialty lines, is set to retire in May 2025.
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In line with Milton’s moderate forecast loss, the ILS market reaction will be less influential in post-event dynamics.
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The cyclone pool received $479mn in GWP in the year to 30 June 2024.
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The scheme will not be in place for 2025 as government discussions grind to a halt.
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Overall, insurance rates fell by 1%, led by competition in property.
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Some reinsurers are considering frequency protection products.
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The broker is discussing the potential for "smart frequency solutions" with reinsurers.
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