Renewals
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Several Lloyd’s syndicates are also now providing cover for the federal insurer. -
The subsegment is the latest commercial auto sector to feel the heat of litigation losses.
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With property getting more competitive, FM pursued an opportunity for growth in E&S with Velocity.
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An average of 81% of property accounts renewed flat or down.
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The decision impacts 5% of the reinsurer’s North America P&C facultative premiums.
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Shared and layered accounts are seen as reaping the biggest benefits.
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The mood in Orlando was sunny among cedants and reinsurers alike, but there are clouds on the horizon.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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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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Reinsurers and their cedants are feeling their books are in better shape, although the market is still uneven.
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Supply for property outstrips demand, but the casualty market is “bifurcated”.
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Despite rate reductions accelerating, the sector-wide combined ratio is set to remain below 90% through 2027.
