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The carrier purchased an additional $150mn of cover. -
This publication has reported several exits from the carrier’s Lloyd’s operation.
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Reinsurers were more willing to support lower layers ahead of 1 July, the broker said.
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The broker said another strong year would drive pressure for “reasonably significant rate reductions” next year.
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She said potential hurricane activity was just one factor impacting the 2025 outlook.
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Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.
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Reinsurance sources say the pool targets the wrong aspects of Australian cat losses.
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SCS caused global insured losses worth at least $8bn in the first quarter of 2024.
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A standalone syndicate could offer capital, trading, and licensing advantages.
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Reinsurers are much better placed to absorb cat losses; insurers are carrying more risk.
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Concerning hurricane forecasts are among the factors driving tighter reinsurer capacity.
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The proposals include increasing either statutory or CRTF funds.
