Rates
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Recent disasters have tested the idea of catastrophe risk as a short-tail risk. -
Both tranches of the transaction priced at the bottom of the guidance range.
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Hyperion X estimated retro rates have risen to around 140 percent of their pre-Irma levels.
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Over the past year, Willis Re's index shows riskier deals and a hardening market have lifted average cat bond yields.
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The broker's chairman of international business James Vickers said reinsurers are only trimming capacity on the edges of the cat market.
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The reinsurer was among the blue-chip cedants to benefit from an earlier renewal and occurrence structure.
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Underlying rate increases are ranging from 10-25 percent for US regional insurance binders.
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The main disrupted segments are still aggregate retro and sidecar vehicles, where negotiations over the level of trapped capital have held up the renewal process.
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The (re)insurer pulled two layers of cover from the deal as it affirmed pricing targets on three others.
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A lockup in retro capacity linked to the Japanese typhoons will further encourage reinsurers to raise rates, AIG’s Kean Driscoll said yesterday.
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The Ursa Re 2019 issuance priced at the upper end of the California Earthquake Authority's expectations.
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Pricing for the earthquake notes settled above the midpoints of the initial guidance.
