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Some cedants remain far behind in a stressed renewal, but others are on the path to completion in a reshaped Florida market. -
Global reinsurance capital grew by 3.8% last year, according to Aon’s analysis of 22 reinsurers.
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NOAA predicts there is a 65% chance of an above-normal season, a 25% chance of a near-normal season and a 10% chance of a below-normal season.
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Researchers forecast 18 named storms, nine hurricanes and four major hurricanes between June and November 2022.
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Industry association FAIR said a full reinsurance backstop should be provided.
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A key plank will be a Reinsurance to Assist Policyholders (RAP) program providing a $2bn reinsurance layer below the FHCF.
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The firm posted a combined ratio of 81.3% for its P&C segment and 91.7% for its specialty unit, improving from 97.7% and 94.8% in Q1 2021, respectively.
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The figure includes around $17mn of unfavorable reserve re-estimates for prior period events.
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The state insurer expects to face a 29% increase in its premium rates, driven by exposure growth.
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Group chief accounting officer Erick Fernandez will step in as an interim.
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Ahead of a market message on 2023 business plans, Lloyd’s has set out early expectations on inflation, ESG and management of cat volatility.
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M Best affirmed its rating of A on the Leadenhall-affiliated platform, which it said plans to increase open market business to take advantage of rising rates.
