Property
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The pricing on the storm and quake cover has shifted down from initial guidance, bucking early Q2 trends. -
Kelvin Re, one of two balance sheets previously affiliated with Credit Suisse ILS, has been in run-off since December 2020.
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CEO Kathleen Reardon said recent legislative changes are a ‘band aid’ but will help to calm the stressed Florida market.
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QBE Re CUO Peter Wilkins will step into the role until a suitable replacement is found, the company said.
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The event is the sixth-largest insured loss event in Canadian history.
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The issuance comes as Axis is set to exit the property reinsurance market.
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AP3 noted a ‘very interesting market with widening spreads’ as it made an ILS profit in 2021.
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The east coast of the country was struck by severe rainstorms earlier in the year.
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Based in Bermuda, Jesse DeCouto will report directly to Validus Re CEO Chris Schaper.
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Sources said the company is to part ways with around 60 staff as it completes the pivot to specialty (re)insurance.
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It is also Core Specialty’s first entry to the cat bond market.
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The $100mn Southern Fidelity notes were dropped after the insurer suspended new business.
