Aerospace
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The broker said the market had entered a ‘new normal’ after $2bn+ losses -
Behind Axa XL, Convex wrote a 9.5% line on the all-risks reinsurance programme.
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The broker cautioned unresolved Russia-Ukraine claims remain a ‘Black Swan’
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The MGA can now put down $200mn lines in the niche aviation war class.
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LAU will become the new Core Specialty Aviation & Aerospace Division.
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Axa XL leads the aviation all-risks reinsurance coverage for the destroyed Jeju Air Boeing 737-800 craft.
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Axa XL is understood to be the lead carrier, with Gallagher the broker on the account.
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The programme was developed in collaboration with Allianz Commercial.
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A California ruling could set an important precedent as other courts consider similar cases.
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This puts the total cumulative cash proceeds received at $319mn.
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It is understood that Lectio is now at ~$160mn of premium and could rise to $270mn next year.
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Barry Stiff is expected to join Aon in May.
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