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Reinsurance rates are rising, especially in Florida and retro, but primary market changes are still outstripping the significance of these improvements.
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At the top of the Freedom Tower in New York last week, Lloyd’s chairman Bruce Carnegie-Brown told those assembled that the market is “open for business”.
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The board approved a 2.3 percent increase for homeowners’ multiperil cover. -
Despite early hopes of sizeable rate rises, reinsurers are frustrated that many accounts will renew with as-before terms.
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Markets behave in brutal and slightly crazy ways that don’t always best serve the end consumer. They always undershoot on the downside and then overshoot on the upside – sometimes hugely and irrationally so.
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The withdrawal of US domestic capacity for big-ticket property risks continues to bear fruit for the London market.
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There are a few people in Bermuda scratching their heads at some of the loss numbers being discussedI spent the early part of last week in Bermuda and, in between running for cover whenever it rained, my days saw me visiting contacts and hearing their thoughts on the current major market talking points.
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The aggregate reported price change was over 2 percent.
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It took “a lot of players” to fill the capacity gap left by AIG in E&S, the executive said.
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The Florida carrier places $1.45bn of reinsurance limit with a lower average net rate on line for the coastal account placement.
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Pricing in the Netherlands, the UK and Germany is facing the most upward pressure, the broker finds.
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California-based insurer has expanded its reinsurance coverage during what was a fairly flat renewal for the carrier.
