Retrocession
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The move from Fidelis to hand back $275mn of capital is rare in a "use it or lose it" world, but what does this say about the direction of the retro market? -
The reinsurer was chasing a high 15% net return target and said lower demand and capital trapping made this unachievable.
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Some markets on the programme have pushed back on the inclusion of event cancellation exposures.
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The capital supports the MGA’s excess retro portfolio.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
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New capacity did not have a major influence on the outcome, but greater rated paper interest and a drop-off in demand kept rate increases more manageable than feared.
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The executive will lead the retrocession and property specialty segments.
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If the fundraise closes, the business will operate as a “permanent capital” monoline retrocessionaire.
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The former Pioneer underwriting chief will lead the programs team within Brit Global Specialty USA from Georgia.
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Scor sought higher-priced agg cover, but Munich Re achieved below-average uplift on its occurrence treaty.
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Investors from the ILS boom era are also those who've had the least luck, so fundraising remains a slog.
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Total insured losses are well up on 2019, but the severity of individual blazes is not likely to impact reinsurers extensively.
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