Treaty Reinsurance
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The 100% equity award will vest in full after five years.
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The carrier of last resort is proposing total risk transfer of $5.5bn.
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The broker attributed increased capacity to improving profitability.
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Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.
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Negotiations around US casualty and financial lines were more stressed.
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The market is shifting towards capital relief, with fewer, larger deals.
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This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
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The former MS Re CUO brings over 30 years of industry experience.
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Otis could be a $2bn-$3bn loss, but more information is expected before June renewals.
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Its property cat aggregate cover renewed with improved coverage.
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The increase in limit reflects the carrier’s growing exposure.
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Treaty costs were slightly lower than for 2023 in risk-adjusted terms.
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The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
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The broker will be based in Miami and offer solutions in lines including property, energy, construction and financial lines.
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The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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The program’s retention remained the same at $3.5bn.
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Both executives will report to CEO Guillermo Eslava.
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The agreement provides coverage for in-force, new and renewal business, with up to $100mn of limit excess of $10mn per occurrence.
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The business will bring together aviation, marine, cyber, engineering and parametric solutions.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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Under the new agreements, Kingstone will cede 27% of its personal lines insurance written, down from 30% in 2023, and will receive a higher ceding commission rate than in 2023.
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January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.
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Well-priced top layer cat risk is in demand, leaving reinsurers watching the market carefully for any signs of decline.
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The lack of momentum reflects on a general belief that underlying casualty business is well-priced for current years.
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The need to recognize adverse development in the back book is the most plausible culprit for market behavior, and an escalation of rhetoric.
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Insurers should reserve as conservatively as possible, maximize their product set, and decide if they are buyers or sellers.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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Cedants and brokers are navigating the complexities of varying risk appetites signaled by reinsurers, who are willing to provide more capacity for cat treaty but only at certain layers as they maintain discipline.
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The event cost the carrier $66mn, including $14mn related to reinstatement premiums on its catastrophe treaties.
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The executive brings more than 25 years of global reinsurance broking experience to the new company.
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Pennsylvania Lumbermens Mutual expects to face higher rates and tighter terms and conditions at the upcoming January 1 reinsurance renewals.
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Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.
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Reinsurers seem unwilling to concede on ground won, but insurers continue to feel the pain in an elevated cat environment.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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The market has passed a watershed around the apportionment of losses for attritional cat events between insurers and reinsurers.
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The ratings agency said there had been no capital inflows through new company formations.
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The broker said that capital levels should stabilise at previous levels, given a normal second half.
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Unlike other hard markets, this cycle was not triggered by a single cat event, but rather by an accumulation of secondary perils.
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Sources said Baron is joining Price Forbes after nearly seven years at Aon, where he was managing director based in South Florida.
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AJ Gallagher has recruited a pair of executives from Howden to boost its Latin American treaty footprint, this publication has learned.
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Earlier this week, this publication revealed that the firm parted ways with treaty VP and former TransRe executive Humberto Contasta.
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The carrier had renewed its catastrophe XoL private market reinsurance for its property business, effective June 1.
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The executive joined the reinsurer a year ago after over 14 years at TransRe, where he held various property treaty positions.
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