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The French reinsurer’s vehicle has renewed for the fourth consecutive year. -
Almost 130 insurers claim that the defendants failed to prepare for the power loss that caused “significant property damage” to carriers and policy holders.
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The blaze destroyed 1,000 structures and damaged a further 100 in the state’s most destructive wildfire incident.
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Property cat rate increases this January were double those of last year and the highest since 2014.
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The transaction reflects the evolution of the Weston Group and its plans to expand its coastal offerings across the US.
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The broker and ratings agency AM Best said total deployed capital grew 2.7% in 2021.
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At Lockton Re, Cheney spent the last 18 months as senior broker and co-leader of its property practice.
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European loss experience drove the firm’s index back in line with 2014 levels.
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The firm said that retro lines had shrunk more than expected after fundraising delays.
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Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
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Many private deals featured in final renewals negotiations as overall cat risk appetite was cut back, with some ILS segments hard-hit.
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The firm says it has condensed the securitisation process into weeks rather than months
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