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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May. -
Eckert said the reinsurance market is still at historically well priced levels.
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The executive replaces Mike Warwicker, who left the firm earlier this year.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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Bredahl has been appointed CEO and Bonneau as chairman.
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This will allow Ark to write business on surplus line paper and Lloyd’s business.
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The Peak Re subsidiary mainly writes US motor and casualty reinsurance.
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The change reflects the company’s growing profile within the MS&AD group.
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She will continue to work with the executive team on key projects and initiatives.
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The company has settled, or is in the settlement stage, for 80% of the exposure.
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The Bermudian's first quarter cat losses totalled $333.3mn, compared to $103mn a year ago.
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The new CEO said recent purchases were designed to protect earnings volatility.
