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London carriers posted an 8.4 percent expansion in gross written premium (GWP) in the first half of the year as the group's combined top line reached $4.6bn, using five-year average exchange rates.
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Aspen has brought in consulting firm McKinsey & Company to advise it as the Bermudian embarks on an efficiency drive, the (re)insurer’s CEO Chris O’Kane has told investors.
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Equity analysts remain bullish on the outlook for XL Group after its stock dropped 4 percent last week, despite the carrier posting consensus-beating second quarter results.
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Bermuda-based carriers generated high single-digit operating returns on equity (RoE) in the second quarter of the year as a benign level of cat losses allowed underwriting margins to widen.
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The absence of major catastrophes allowed second quarter underwriting margins to improve in Bermuda from the previous year, when heavy cat losses severely dented results.
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Top line growth slowed at Bermuda-based (re)insurers in the second quarter, with carriers proceeding cautiously in a bleak pricing environment.
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Insurance executives gave further indications that rates in the US commercial P&C market are flattening last month, though they refrained from claiming that the market has found a bottom.
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P&C (re)insurers experienced a relatively benign quarter in terms of natural catastrophe events, though recent company disclosures have dented more bullish assumptions about related losses.
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US commercial P&C rates continued their upward trajectory in the second quarter, according to bellwether insurer Travelers.
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The total level of InsurTech funding fell by almost two-thirds in the first quarter of the year, interrupting a general upward trend in the sector, according to PwC and Startupbootcamp.
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Cat bond sponsors took advantage of strong investor demand in the second quarter of 2017 to bulk up on insurance-linked securities (ILS) cover, with the upsizing of transactions adding $1.9bn to quarterly volumes.
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The 1.5x multiple Axis has agreed to pay to acquire Novae has sparked a market debate around the attractiveness of the deal for both parties.