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AM Best said it expects insured losses from the California wildfires to be “significant”. -
The carrier tapped the run-off market in Q4 for a US casualty insurance-focused portfolio.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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The Corporation’s CEO will run Aon Reinsurance Solutions.
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The new agreement provides $40mn of aggregate limit excess of zero.
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Many cedants secured aggregate and subsequent coverage at 1 January.
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In the US, pricing fell by 6.2% at the major renewal.
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Abundant capacity was driven by reinsurers’ retained earnings after two profitable years.
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The largest non-US event in 2024 was the catastrophic flooding in Valencia.
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Attachment points are unlikely to return to pre-correction levels any time soon.
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An 11th-hour softening has driven discounts into double-digit territory on some deals.
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The firm has commenced writing collateralized retro and reinsurance, but its rated launch is still pending.
