Property
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The transaction reflects the evolution of the Weston Group and its plans to expand its coastal offerings across the US. -
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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Homeowners MGA and insurer Lighthouse Management raised $65mn in a senior debt private placement in New York.
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Nephila will maintain a minority holding in the MGA, which is looking for paper from more reinsurers and ILS firms.
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While funding under a World Bank loan agreement is expected to flow, the 2019 cat bond protecting the nation was not expected to be at risk.
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The ratings agency has proposed a significant change to how it assess insurers’ risk-based capital adequacy.
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Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.
