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Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season. -
Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.
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Industry association FAIR said a full reinsurance backstop should be provided.
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Major ILS providers active in Florida including Nephila and Aeolus lifted assumed premiums.
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Sources close to the industry are calling for litigation reform as a priority, while Florida Hurricane Catastrophe Fund expansion is also on the cards.
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Several firm-orders have been released, but there are widespread expectations of a much-delayed renewal as low-layer capacity remains elusive.
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Despite a move away from non-official indices, global ILW trading is still sometimes relying on a patchwork of triggers.
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Experts say cyber ILS offerings including cat bonds could be near, but concerns over structures, modelling and correlation persist.
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Spreads weighted by volume have increased by 71 basis points year on year.
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The $500mn of new demand from Allstate highlights carrier need for cover after Ida, but pulling together cat capacity in the peak US market remains a tougher ask.
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Exposure management is prevalent and underwriting profitability is patchy.
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Wind XoL rate increases are tapering off, while cedants push for commission increases on quake quota-shares.
