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The executive said that the Corporation had received net exposure figures for the loss from all syndicates.
Proposals will be put to the Lloyd’s Council over the coming weeks to take effect from 2025.
The Lloyd’s chief of markets said he was generally comfortable with market fundamentals.
The business will be supported by up to $200mn of Lloyd’s and London underwriting capacity.
Behind the Headlines

Behind the Headlines: Rating conditions gear-shift and Inigo's Watson & Kaye on its next phase of growth

Listen in as Inigo CEO Richard Watson and head of reinsurance Alice Kaye discuss the use of data and AI in underwriting, the possibilities of entering the casualty treaty market, and all options being on the table for future capital events.

Behind the Headlines is a fortnightly podcast hosted by Insurance Insider's senior reporter Sam Casey.

Get the inside scoop on the major stories shaping the London market through discussions with the journalists who broke them. Plus, hear from industry professionals on what these developments mean for the (re)insurance sector.

Every other Friday morning, Behind the Headlines will break down the biggest stories of the last two weeks. Sam will discuss these stories with the journalists who broke them: Catrin Shi, Fiona Robertson, Rachel Dalton and the rest of Insurance Insider's award-winning editorial team.

Plus, he will interview the big names from the London market, getting their perspectives on the state of the industry and the latest headlines.

Competition and broker pressure on rates is ramping up as London goes for growth.
The funding practice has led to a dramatic increase in claims amount, which in turn pushes up rates.
Property rates remain adequate, although price increases are tailing off.
Israel exposure has thrown inwards-outwards PV coverage mismatches to the fore again.
More News
The carrier has ambitious growth plans for its rebranded Munich Re Specialty segment.
O’Shea outlined growth ambitions and managing leadership transitions at the MGA in a wide-ranging interview.
The carrier is also considering a potential casualty treaty market entry.
CEO Luke Tanzer talked about the expansion drive as the legacy firm reported a 14.3% RoE for 2023.

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