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It is the reinsurance company’s first entry to the cat bond market. -
Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
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The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.
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The pooled parametric insurance arrangement was trigged by localised drought.
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The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.
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Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season.
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The state-backed carrier hopes to fill out more of the gaps in the coming days.
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The ratings agency says a quarter of the Floridians it rates have still not secured multi-event cover, although first-event towers have come together.
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DE Shaw has been offering a form of “capacity wrap” to insurers in which its limit could be used to plug gaps throughout programmes, sources said.
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The Floridian said it had not needed to use the new Reinsurance to Assist Policyholders scheme that was created via new legislation.
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The reinsurer has put the first layer through its captive, a move that reflects the lack of reinsurance capacity for this high-risk business.
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he broker’s analysis found rate increases and lower cat experience contributed to strong underwriting results.
