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The former Bernina Re underwriter will remain in Bermuda. -
The carrier cut back its treaty limit by around 13% and lowered its deductible.
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The total reinsurance program’s cost jumped to $312mn at the renewal, compared with a $272mn price tag a year ago.
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Florida domestic property insurers are getting squeezed, unable to increase rates fast enough to offset mounting losses.
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Robert Schumaker will lead the firm’s programme to bring in investors for securitised insurance risk.
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This week the administration pledged extra money for a programme supporting catastrophe-resilient infrastructure.
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The insurer has grown the deal by more than 50%.
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Investor premiums fell by 2% from the previously projected spread.
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Pricing on the transaction’s two layers had mixed outcomes.
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The first-time ILS sponsor expects to pay a coupon at the lower end of its initial forecast.
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The insurer’s overall top line rose 16% as cat claims reached $70mn.
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The deal will be fronted by Hannover Re but will provide coverage to the state backed carrier.
