Rates
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Larger residual insurers were among cedants that prospered in the June renewals from competition for US property catastrophe reinsurance business.
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Despite a softer-than-expected 1 June Florida renewal, hedging activity in the industry loss warranty (ILW) market has been slow, with buyers holding back amid a glut of capacity, sources said.
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Allstate reduced its traditional limit when it renewed its $4.42bn nationwide catastrophe reinsurance treaty at the mid-year renewals, after having cover up to $4.55bn last year, sister publication The Insurance Insider reported.
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A group of major Florida-based insurance carriers reported obtaining more favourable rates on their reinsurance programmes at 1 June, as a number of firms cut back their limit in a renewal marked by subdued demand.
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The main factors in this year's "double-dip" Florida reinsurance renewal were abundant supply, reduced demand from several key buyers and uncertainty over model changes.
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JLT Re said that "renewed vigour" from ILS markets looking to deploy capital contributed to a step-up in reinsurance rate reductions at this year's 1 June renewal.
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Pricing for the riskier layer of Tokio Millennium Re's $250mn Spectrum Re cat bond has fallen below the initial target range, as the reinsurer looks to close its first major ILS transaction.
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Rates at the 1 June Florida reinsurance renewals softened more than underwriters were hoping for last month, with reductions averaging around 5 percent, sources said.