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Last year was the ninth-largest loss year for the country on record. -
The year featured the fewest multi-billion-dollar insured loss events since 2019.
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The market expects a lower proportion of restoration by utilities than after 2018’s Camp Fire.
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The storm is expected to bring freezing rain and heavy snow across a wide swath of the US.
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Increased vegetation could spell trouble in the future.
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Sources said they expected FM to keep around $2bn of the maximum line net.
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The multi-line program seeks to support investors, developers and operators involved in the AI boom.
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The LA wildfires resulted in the largest insured loss of the year, at $40bn.
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The 25-year industry veteran will report directly to CEO Adrian Daws.
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The property insurer has secured significant additional capacity for its FM Intellium unit.
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Weather events and potential increases in US casualty reserves remain sources of volatility.
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The move comes after a 200+ person mass team lift from Brown & Brown’s retail business in the US.
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The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.
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Price has become a key differentiator in marine and energy.
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Cedants pursued property renewals “aggressively” amid excess reinsurer capacity.
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The US insurer squeezed its retention in a renewal where cat treaty retentions are widely holding steady.
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This was the second issuance completed by Farmers via its Bermuda reinsurance vehicle Topanga Re.
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The company named two execs to head global wholesale and commercial.
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Los Angeles wildfires and SCS pushed US losses to $89bn.
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The mechanism would work similarly to Flood Re.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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The underwriter will fill a newly created role at AIG.
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Join senior market leaders for a forward-looking discussion on performance trends, pricing dynamics, M&A signals and risk appetite across both admitted and E&S segments.
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Carriers posted weaker top-line results but delivered improved combined ratios.
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The MGA began offering US commercial E&S property products in December.
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The carrier now expects to deliver full-year operating profit of ~£2.2bn.
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James Kelly joins from Besso, having held senior positions at JLT, Lockton and Gallagher.
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The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.
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The executive said the firm has grown its casualty business by 80% from 2022.
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Interim CUO Nick Pritchard turned in his notice in August of this year.
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Widespread underinsurance and low exposures will limit losses.
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Many commercial risks will have London coverage, but insured values are relatively low.
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Rates pulling back will rein in some of the excess margin obtained over the past three years, he said.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run to 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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APIP is one of the world’s largest property programs.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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Total pre-tax favorable prior period development in the quarter was $361mn, up nearly 48% YoY.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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Though wildfire losses are up, total losses are the lowest since 2015.
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Brian Church has spent 20 years at Chubb.
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Willis claims at least two $1mn accounts were also unfairly lost to Howden.
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Declared events totalling just under A$2bn ($1.3bn) included one cyclone and two floods.
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Julia Graham played a key role in the UK's introduction of captive-friendly regulation.
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The Bermuda-based executive joined the Ardonagh Group’s reinsurance broking arm in March 2023.
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The pair have expanded remits overseeing property and specialty.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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The underwriter has worked at Hiscox, Lloyd’s, Chubb and Zurich.
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Marlon Williams will focus on the placement of reinsurance and retro business.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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Equivalent to a Category 5 hurricane, Ragasa is the world's strongest storm this year.
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The executive met with UK colleagues to discuss plans for the US business.
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Property remains the dominant line, accounting for nearly 30% of total London premiums.
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Reinsurer executives stressed that the industry worked hard on setting the right structure.
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The affirmations reflect Everest’s strong underwriting diversification.
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Models anticipate a busier second half, particularly in the next few weeks.
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The platform aims to “bend the loss curve”.
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The sector recorded total premiums written in London of £11.9bn in 2024
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The carrier notified California regulators that it would stop renewing plans starting last month.
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Supply for property outstrips demand, but the casualty market is “bifurcated”.
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Mark ‘Ollie’ Hollingworth has held his current role at Atrium since 2017.
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Syndicate 1440 was approved to assume business incepting January 2026.
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Despite rate reductions accelerating, the sector-wide combined ratio is set to remain below 90% through 2027.
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The executive most recently served as head of North American treaty reinsurance.
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The data modeling firm said losses previously averaged $132bn annually.
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Lawmakers are seeking input on risk evaluation, limits and other concerns.
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A notable uptick in attendance underpins the value still placed on the iconic trading centre.
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The combined ratio worsened slightly by 0.5 points to 91.6%.
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The mid-year renewals point to mounting pressure on reinsurance pricing.
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Top line grew across all carriers even as pre-tax profits dipped.
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Nat-cat events triggered A$1.36bn of losses during the year.
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Company alum David Murie will lead the new business unit.
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The carrier’s profit grew 34% for the year to A$1.35bn.
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Layla O’Reilly and Mark Edwards are among the brokers leaving the firm.
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The estimate covers property and vehicle claims.
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The Hannover Re CEO said rate adequacy remains “attractive” overall.
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California wildfires were the reinsurer’s largest H1 loss, at EUR615.1mn.
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Both organisations still predict an above-average hurricane season.
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The carrier cited elevated cat and large-loss activity, including the LA wildfires.
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The reinsurer chair said the frequency of losses today “will prevent prices from slipping too much.
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The P&C re segment’s combined ratio improved by 12.7 points to 61.0%.
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The Swiss carrier improved its P&C combined ratio by 1.2 points to 92.4%.
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More investment in early stage firms is an indicator of bullish market, says Gallagher’s Johnston.
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CEO Alex Maloney said Lancashire’s growth was “more measured” amid softening.
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Natural catastrophe claims remained consistent compared with the prior year.
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California wildfires account for $40bn of the insured loss tally in H1.
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The company has also expanded its relationships with US and UK MGAs.
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Matthew Doherty joined the reinsurer in 2018 as SVP, property portfolio manager.
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The Canadian insurer saw property rates dip across its global divisions.
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The business posted a 95.2% undiscounted combined ratio.
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Scor's CEO said the P&C market had experienced a “competitive” first half.
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The firm will target mid-market risks with TIVs of $25mn-$1bn.
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The P&C segment posted an 82.5% combined ratio for the quarter.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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The broker has noted that double-digit reductions are increasingly available in property.
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Insured losses produced the second highest first-half tally since records began in 1980.
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Wind season remains an important variable, but also might not change current dynamics significantly.
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Group CEO Tavaziva Madzinga said it might explore Lloyd’s Names backing in the future.
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Property rates declined by 7% globally in the second quarter.
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The property segment reported a CoR of 27.4% for the quarter, down 26.5 points year on year.
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Liberty Mutual, Allianz and Aviva previously had their appeals dismissed.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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Alcor has also opened an Atlanta office, broadening operations in the US market.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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US events accounted for more than 90% of global insured losses.
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Category 4 and 5 storms could become more common and hit further north.
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The start-up aims to bind its first risk in Q4 2025.
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In the US, the index fell 6.7% year on year.
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Emilie Hungenberg joins the carrier from Aspen.
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Despite predicting fewer hurricanes, the numbers are still above average.
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Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.
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Rates continue to drop as capacity is ample, the broker said.
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The late March storm caused extensive damage in southern Quebec and Ontario.
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The Australian carrier’s nat cat losses are A$200mn lower than its annual allowance.
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Ex-Tropical Cyclone Alfred has been the costliest event, with A$1.36bn in losses.
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The managing agency is offering 62p per £1 for 2026 YoA capacity.
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The soft market continued through H1 2025, especially on shared programs.
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The LA wildfires accounted for 59% of loss activity over Q1.
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Premium rose across the top 15 P&C risks in 2024.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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MillerBoost is the latest broker facility to launch in London.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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The platform will capture and standardise data from all submissions, the broker said.
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The carrier’s president Andrew McMellin is aiming to double London market share in the next five years.
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The executive previously spent 15 years in a variety of roles at Zurich.
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This is up from last year’s $1bn protection for its Florida treaty.
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Some segments are moving faster than anticipated, but overall, it remains a mixed bag.
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CEO Caroline Wagstaff called for a “tailored and proportionate” approach to regulation.
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The executive’s career includes a stint as head of cat for CorSo.
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The loss has decreased by 0.3% since the company’s third assessment.
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The new Lloyd’s chief of market performance also outlined target growth areas.
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The driver of growth has shifted from rate to volume, as pricing increases tail off.
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Almost 50,000 people have been forced to evacuate.
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Plus, the latest people moves and all the top news of the week.
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Broker facilities and increased US domestic appetite are accelerating the softening.
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P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.
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Motion Specialty will initially focus on high value home and flood insurance in the US.
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The revision is significantly lower than the $4.5bn October estimate.
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The reinsurer said the LA wildfires would have a “dampening effect” on mid-year renewals.
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The reinsurer's group operating income fell by 14% to EUR480.5mn.
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New broker vehicles are setting up amid accelerated softening in D&F.
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The facility provides follow capacity to US and international placements.
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Cat losses included $17.5mn from the CA wildfires and other events.
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Beazley, Hiscox and Lancashire all grew in Q1 despite widespread rate decreases.
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The carrier estimated its California wildfire loss at $145mn-$165mn.
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Co-founder and CUO Jacqui Ferrier has been appointed his successor.
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Six weeks after the storm, Perils released its first industry-loss estimate at EUR619mn.
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The only major product line to see rate increases was casualty.
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In a post on LinkedIn, Steve Arora said investor appetite “just wasn’t there”.
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The firm now reports on insurance exposures to natural perils for 21 countries.
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Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
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Trouvaille II raised $580mn for 2025, compared to $325mn in 2024.
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Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding.
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Overall market capacity increased by 5.3% year-on-year, the broker reported.
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The announcement comes after similar launches with Inigo and Atrium.
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The company booked profit for the year of £247mn, up 20% on the prior year.
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The syndicate expects £5.8mn-£8.6mn in California wildfire claims.
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Reinsurance made up 12% of the syndicate’s 2024 GWP.
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Reinsurance and property remained the primary drivers of premium growth.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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The business offers parametric windstorm coverage.
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The property and specialty insurer reported underwriting profits of $131mn ($170mn).
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The Italian carrier posted a record group profit of EUR7.3bn.
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For the prior-year quarter, the carrier reported a EUR9mn loss.
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Both carriers have extensive reinsurance coverage.
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Plus, the latest people moves and all the top news of the week.
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Followers will automatically support primary or excess Inigo quotes.
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Sources warned of the erosion of underwriting margins after a string of strong years.
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The London D&F market will shoulder most of the losses.
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Predicting underwriting conditions for the remainder of the year is ‘challenging’.
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Several underwriters left Hiscox’s property D&F team last year to join MGA Velocity.
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North America is likely to be the most financially impacted by the scenario, Lloyd’s said.
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The London carrier posted an undiscounted combined ratio of 79%, up from 74% in 2023.
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The estimate is based on industry losses in the range of $35bn-$45bn.
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Westfield has seen a number of senior underwriters depart the business in recent weeks.
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The firm projects losses from the fires at between $160mn-$190mn.
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Sara Foucher has held roles at RSA, Swiss Re and XL Catlin.
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The appeals court has ruled that composite policies provide multiple limits.
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Retention levels for reinsurance fell across the different geographies the carrier operates in.
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The ratings agency has revised Mercury’s outlook from stable to negative.
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The group includes James Cooke and Angus Ovens.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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More than 33,000 claims had been filed as of 5 February.
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The estimate covers property and vehicle claims.
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Genna Biddell will report to Brad Melvin, president and CEO, BMS Re US.
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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
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Its post-tax estimate of $1.3bn is net of reinsurance recoveries.
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Underinsurance, total loss claims, and high property values have impacted loss estimates.
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The annual claims totalled £5.7bn, the largest amount paid out in any year.
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The storm is likely to be one of the costliest weather events in Canadian history.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The carrier’s Eaton Fire loss would be a retained net loss hit.
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The event now includes a casualty portion and has officially been re-branded as the Property and Casualty Symposium.
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The MGA and 49% owner SiriusPoint could bring in a new investor.
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Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
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Guy Carpenter said personal-lines exposure would account for 85% of the aggregate loss.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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The broker said disaster data can attract more risk capital.
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The pool services a number of public authorities in California.
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