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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina. -
That’s significantly down from October’s estimate of $4.5bn.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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The bond provides coverage on personal-lines property in Florida.
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The series one notes will provide protection to the benefit of Twia.
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With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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The total cost for the program increased 1.8% from last year’s.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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California homeowners are also expected to move admitted business to E&S.
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Ark's combined ratio included 25 points of catastrophe losses in Q1.
