Commercial E&S
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Moody’s also expects losses in the billions of dollars. -
Hurricane Milton will show the ILS product behaving as investors expect it to.
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A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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The raise includes minority investments from Nationwide, Enstar and others.
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Roughly $750mn of securities across 13 cells are available to institutional investors via London Bridge vehicles.
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It is understood that the company has mandated Nomura to raise the risk capital.
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The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.
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Third-party capital is showing “skepticism” over the market while traditional capital will decline this year.
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In 2021, the US-Bermudian reinsurance composite’s combined ratio improved six points YoY.
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It is understood that the company is being advised by boutique investment bank/broking firm Stonybrook and TigerRisk Capital Markets.
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The agency also affirmed the long-term issuer credit ratings of A- (excellent) on Hamilton Re and Hamilton Insurance Designated Activity Company.
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The carrier will recognize a $6.8mn after-tax loss associated with the LPT agreement during the first quarter of 2022.
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Mark Groenheide, who has held several positions at HDI and Zurich, was most recently senior vice president of excess and surplus lines at GuideOne.
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The carrier revised its cat bill following Ida and PG&E losses.
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Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.
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The carrier has also exited US MGAs exposed to North Atlantic cat risk.
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The specialty insurer will lend both admitted and non-admitted paper to other providers.
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The reinsurer stepped off five Florida domestic insurance programmes but has taken more E&S risk in the southeast US.
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After their appointments, Ari Moskowitz and Peter Bell will report to Jim Williamson, Everest Re group COO and head of reinsurance.
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The reinsurer recovered 24% of its gross major losses from retro partners.
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Investment bank partner Tom Deane said that reinsurers would remain crucial to the market and that the beginnings of rebuilding were underway that could reverse some current trends.
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The carrier said Texas claims are beginning to drop off with quota share and minor perils cover in place to help minimise its retention.
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The personal and commercial lines book will be folded into recently-acquired Centauri Insurance.
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The entity plans to retain up to 30% of risk per program.
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The California-based carrier had to tap reinsurers for two reinstatements in Q4.
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Roche raised concerns about the "reemergence of social inflation".
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Kessler originally joined as chief actuary at Ace Westchester in 2003, while Konz arrived from Aon Benfield in 2012.
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The hire follows a $18.5mn fundraise that the firm planned to use to expand in the US and Asia.
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It is expected that the transaction will close in the first quarter of 2021 and that Vault will retain its A- rating from AM Best.
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The rating of the new company has been assigned on a pooled basis.
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The Nephila co-CEO said he is not doing "backflips" over rate increases due to increased loss costs.
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The Midwest derecho in late August accounted for about $103mn of the carrier’s quarterly claims tally.
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The former New Ocean and CIG Re leader is expected to join the start-up alongside other major market names.
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The CEOs of Aon Reinsurance Solutions, Willis Re and TigerRisk predict limited rate gains, but up to $10bn of incoming capital.
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Ex-RenRe CUO is eyeing a start-up, while other new propositions tussle over Ariel.
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Cal Fire says the SCU blaze in southern California is also 60% contained.
