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Use of private deals and differential terms marks a renewal that Covid-19 has swung in reinsurers' favour. -
The executive was believed to be in line to succeed CEO Mark Cloutier.
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The ratings agency predicts an aggregate 2020 combined ratio of between 101 percent and 105 percent, and possibly higher.
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Cedant buys a cat programme excess $550mn, but also has significant inuring reinsurance.
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The reinsurance unit took almost half the group’s EUR53.8mn in Q1 claims related to the Puerto Rico earthquake.
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The companies will target facultative and treaty reinsurance in lines including property cat and construction.
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At last reinsurance pricing seems to be succumbing to hardening forces within the US market.
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The carrier opts not to pay a dividend for the six months ending 30 June.
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The action follows similar moves by AM Best and Fitch after a proposed $9bn sale was dropped.
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Covid-19 industry losses, Insider US highlights, Charman on the record and the lowdown on Brit’s new syndicate.
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Fitch had earlier trimmed its outlook to negative after the carrier’s takeover by Covea collapsed.
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Citizens plans to source $1.4bn of reinsurance limit for its coastal account, up from $1.27bn last year, as more of its multi-year cover elapses.
