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The carrier is confident the positive cycle will continue as it prepares for April, June and July renewals.
Jonathan Zaffino joined Ascot in 2020 and was responsible for running the carrier’s (re)insurance platforms in the US and Bermuda.
City Minister Andrew Griffith has outlined hopes for the Financial Services and Markets Bill, which will enact various regulatory reforms, including a new competitiveness objective.
The company increased its attachment point on the $200mn aggregate cover to $750mn, up from $700mn.
Early evidence is leading the (re)insurance market to hope the storm can avoid the development curve of its 2017 predecessor Hurricane Irma.
Annual reviews of natural disaster activity highlighted drought – which can also heighten risk of fire and flood losses – as an increasingly important secondary peril.
Cyber rates in excess layers saw decreases of mid-single digits to low double digits in the last quarter while primary layers remained flat or experienced low rate rises.
Carriers will be looking forward to the positive outcomes from the 1 January harder market, but results will provide clarity on lingering challenges.
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In an interview with this publication, the CEO admitted the transition “took longer than any one of us would have wanted”.
CEO Nick Cook said the company also plans to invest in an international MGA strategy and a capital advisory unit, with 149 hires budgeted this year.
Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
Group CFO and incoming president of insurance Jeremy Noble has told Inside P&C that the insurance operation is where Markel sees the most upside potential.
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