AIG
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Talbot has lost a trio of PV underwriters to Ark in recent months.
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Its property cat aggregate cover renewed with improved coverage.
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Talbot is rebuilding its PV team after a December Ark and Chaucer raid.
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The incoming executive previously spent 17 years at AIG, most recently as head of financial lines for MENA.
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AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.
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Sources said the executive will join Mitsui Sumitomo in a leadership position based in Brazil.
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Getty was appointed to the role in December of last year, having joined Talbot as cyber and technology class underwriter in 2017.
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The broker’s global marine team services global premiums of $3.9bn across marine classes.
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The firm has also promoted Swee Keong Mah to CEO of Everest Insurance Singapore.
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The deal was announced in late May, with RenRe taking over AIG’s treaty business, including AlphaCat Managers, and all renewal rights to Talbot’s reinsurance treaty unit.
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The executive left the company in June following a period of medical leave.
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The departure of the president of North America retail was disclosed in an internal company memo.
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Valencia will drive the carrier’s strategy for portfolios including panels, facilities, MGAs, bancassurance and other forms of delegated authority.
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The move follows another incredibly soft year for the all-risk market as aviation war continues to harden.
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The carrier reported an additional A$70mn reinsurance reinstatement because of higher claims.
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Leahy joins the carrier after just over a year at TMK as divisional head of airline.
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The attack came from a hacking group known as Scattered Spider, an affiliate of the ALPHV/BlackCat ransomware gang.
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A webinar and report from the Geneva Association has explored the barriers and prospects for the growth of blockchain insurance.
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The former general counsel and communications chief will move to the role on 1 October.
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The insurer has been working to build a reputation for favorable reserve development after past sins.
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The carrier has strengthened its cargo team following the departure of two underwriters.
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AIG decided to buy additional retrocessional protection for Validus Re and a low XoL reinsurance placement for its Private Client Group (PCG) ahead of the wind season.
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AIG grew GI NWP in NA by 17% to nearly $4bn as both commercial lines and personal lines NWP rose 17% to over $3.4bn and $563mn, respectively.
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Mark Sperring’s promotion comes just a few months after AIG’s former head of global aerospace, Steve Eccles, left the carrier.
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Purtill became interim CFO in January after AIG terminated Mark Lyons, saying the executive violated his confidentiality/non-disclosure obligations to the firm.
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Whitehouse’s departure from AGCS was announced earlier this year.
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The carrier intends to use the cash raised as part of its consideration for Validus.
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The deal is the third scale-up buyout for the firm, highlighting the ongoing value of scale in the reinsurance segment.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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The deal represents RenRe’s third Bermuda consolidation deal following Platinum and TMR.
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The Dan Loeb-controlled investment firm reduced its position in AIG to 2.95 million shares, or ~0.4%, in Q1, from or 5.1 million shares, or around 0.7%, at the end of Q4.
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It emerged in March that Tim Welsh was leaving MS Amlin after almost three decades at the business.
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Adam Spicer’s appointment comes after several high-level departures from the carrier.
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The company has eroded about half its international catastrophe deductible following New Zealand losses.
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Rise Aviation has named the two insurers as the representatives for its all-risk and hull-war reinsurance policies, respectively.
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