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The carrier said GWP was up 12.7% to EUR33.3bn.
It is understood that Lyons has been set to retire from the company in the summer of 2023.
The losses result from incidents throughout construction of the Sakarya gas field, including damage to a subsea pipeline from an earthquake.
CEO Sheila Cameron has called for “sharp focus” on market transformation.

Algorithmic exchange InsurX signs backers for coverholder expansion

The platform has gained Lloyd’s coverholder status along with capacity from Beazley, Axis and Greenlight Re, and started to bind risks in contingency, before expanding to other business lines.
Carriers will be looking forward to the positive outcomes from the 1 January harder market, but results will provide clarity on lingering challenges.
More quota share capacity was on offer, but reinsurers were still pushing to manage exposures through loss caps.
At least $7.8bn in reserves was transferred from the live market to legacy carriers last year, with Enstar the leading acquirer.
Despite a cooling economy, cost of living pressures are keeping wage inflation and mid-pay employee pressures on base.
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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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