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In addition to the loss-share transaction, First Citizens has agreed with the US regulator to share losses to provide future protection against potential credit losses.
The Lloyd’s syndicates named in the trial include Tokio Marine Kiln’s Syndicate 510 and Syndicate 1880, Liberty Managing Agency, MS Amlin and Munich Re.
The executive said that the current banking situation affirmed the need for robust D&O pricing.
Lloyd’s also clarified that its overall exposure to US regional banks is around £630mn, spread across more than 50 syndicates.
In the aftermath of Silicon Valley Bank’s 11th-hour rescue, InsurTech investors have ramped up systemic risk controls across their portfolios amid a tightening funding landscape
The combined ratio reported by Lloyd’s for 2022 would put it in the top half of Insurance Insider’s peer group, analysis of preliminary results shows.
Lloyd’s has drawn attention to an improved attritional loss ratio in 2022, warning the market that it would be “very difficult to get back” if it slips.
The release of Swiss Re, Munich Re, Hannover Re and Scor’s year-end reports provides an update on market conditions.
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The executives said the P&I market needs to be “very careful” about underwriting conditions.
Gard’s best underwriting results in 15 years was driven by the “extraordinary” lack of large losses in its commercial marine and energy business last year, according to CEO Rolf Thore Roppestad.
The executive said the carrier had sufficient “dry powder” to expand in hard market conditions.
The executive said the low claims of 2022 and the large losses of 2021 were anomalous.
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