Wildfire
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Hannover Re said it was in discussions with retro partners about buying less in 2024. -
The group’s ceded large losses reached 17% of gross losses, up from 11% a year ago.
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The bond is offered with price guidance in the range 500-575 basis points.
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“That’s one of the things we're monitoring ... but I think there are positive signs in the marketplace that litigation is down,” Garateix told analysts on the company’s third-quarter earnings call.
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Asagao VI is fourth largest private cat bond deal this year.
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By region, convective storms in the US alone accounted for 60% of global insured losses.
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Experts agreed that investment in understanding wildfire risk had come a long way in recent years.
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Lara's plan, backed Thursday by an executive order from California Governor Gavin Newsom, repackages elements of a proposed bill that collapsed earlier this month.
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Carriers have announced significant exposure reductions in the state this year.
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The estimate includes privately insured damage to residential, commercial and industrial property, as well as automobiles. Boats, offshore properties and NFIP losses were excluded.
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The reinsurance broker said the losses will fall on the higher end of industry loss ranges.
