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The reinsurer also hired Martin Bages as Latin America and Caribbean head.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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The business said it was experiencing strong momentum on the Island.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Despite high profile losses, there’s ample capacity in marine and aviation, while PV has seen healthy profits.
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Rates will remain elevated in a period of structurally higher risk premia.
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The executive most recently served as head of North American treaty reinsurance.
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CEO Tom Wakefield said property cat supply is “materially outpacing demand”.
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Some 32% of survey respondents expect property cat rates to fall by more than 7.5%.
