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The LA wildfires accounted for 59% of loss activity over Q1. -
Gallagher Re’s Lara Mowery said mid-year renewals marked the “beginnings of capacity” emerging.
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Cedants were able to “challenge the status quo” with aggregates back on the table, the broker said.
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The company said the reduction was due to years of steady improvements.
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The programme’s total limit this year is down $594mn to $1.36bn.
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The broker noted a “significant variation” in renewal outcomes.
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The new unit – Ceded Re – will operate under the leadership of Guy Van Hecke.
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The Atrium-led cover renews after the multi-billion-dollar High Court ruling.
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This is up from last year’s $1bn protection for its Florida treaty.
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HCI secured three towers with $3.5bn in XoL coverage.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
