Stocks
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The reinsurer has cat capacity available at 1.6 and 1.7 where pricing meets its margin targets. -
This comes as the reinsurer is preparing a major equity raise to attack the harder reinsurance market.
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Net proceeds will be used for general corporate purposes, which may include expanding its existing business lines and operations.
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The company is also nearing completion of Interboro Insurance Company’s program renewal.
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Five counterparties account for almost half of all premiums ceded by a sample of major Floridian carriers, analysis shows.
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Remaining ILS staff will now report into the group’s CFO.
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The non-catastrophe ILS platform hit a valuation of $1bn after a Series C funding round.
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HCI is modelling a decrease in claim frequency of about 15%-20% and in litigation frequency of about 3% owing to Florida legal reforms.
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Nephila Syndicate CEO Adam Beatty said that the firm hopes to grow its new specialty syndicate to $500mn of premium within the next few years.
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Capital has begun to flow again after a challenging time for ILS fundraising in 2022 – but there is a clear shift underway.
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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.
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Governments could encourage cat bond issuance by lowering costs, a policy paper said.
