Beazley
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The CEO also discussed Beazley’s approach to re-underwriting cyber risks.
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Further Covid losses, core loss ratio improvements, reserving and the duration of the cycle are key themes emerging from the reporting season. -
RenaissanceRe, Tokio Marine Kiln, Chaucer and Talbot also provide capacity for the consortium, which specializes in reputational risk.
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Both non-executive directors will leave after the AGM in March.
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Pressure is growing from Lloyd’s underwriters on A&H coverholders, which often attract high commissions.
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The carrier becomes the latest to review policies in order to manage exposures.
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The senior appointment follows large contingency losses at Beazley and a string of personnel departures.
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The goods-focused pact includes a joint declaration on financial services, though crunch issues have yet to be resolved.
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Major consolidation laid the ground for current new launches, the Conduit chairman suggested.
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The carrier says ransomware incidents are now more likely to include a threat to release stolen data.
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There will be significant movements in the ranks of the top 10 syndicates in 2021, with Brit moving into second place and Axa XL tumbling to 7th.
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The new Syndicate 1796 is the conduit for the initiative and is backed by 14 global (re)insurers.
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