Retrocession
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The company is also placing its Markel Catco reinsurance fund into run-off. -
Half of the $700mn capital raise was allocated to DaVinci “based on opportunities arising from organic growth”, he said.
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The reinsurer has secured $60mn of protection against named storms and earthquakes in the US from the capital markets.
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Gregory Murphy said there needs to be greater understanding of reinsurers’ credit risk.
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The 1 July placement is an addition to the scheme’s main £2.3bn programme.
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Sources pegged the firm’s UNL retro purchase at around $150mn.
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A significant increase in demand is being met by constrained supply at current pricing levels.
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Majority of Florida firm order terms hit the market, but many participants think capacity shortfalls are likely at current price levels.
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The Akibare Re bond will pay out to Mitsui Sumitomo, sister publication Trading Risk revealed.
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CEO Bronek Masojada said the company is growing in the right areas.
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The collateralised capacity from Turing Re will support the reinsurer’s property treaty reinsurance portfolio.
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The plan for Catco Reinsurance Opportunities garners near-unanimous investor approval.
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