Bermuda
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The broker will also sit with Marsh McLennan/Guy Carpenter, WTW and Lockton Re on ABIR’s broker advisory cabinet. -
S&P’s proposal to disallow senior debt as a form of available capital is thought to be among the most impactful of a slew of detailed changes by the rating agency.
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The CEO also said that price increases in property cat were insufficient for the company to allocate more capital to the line.
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Rates across Axis’s insurance book rose by 14% in 2021, roughly matching the 14% rate increases Axis said it achieved across its insurance portfolio in 2020.
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The executive also said that in many cases, the increases in ceding commissions that buyers were looking for were “too much”.
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The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.
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The UN’s Principles for Sustainable Insurance is helping to ensure ESG practices are embedded across all aspects of the insurance industry.
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Casualty premiums grew 48% and the company raised $663mn in new capital for its alternative capital vehicles.
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Martello Re will initially provide MassMutual with reinsurance capacity before opening up to other parties.
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In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.
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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
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Former Navigators CEO Vince Tizzio has joined as a senior adviser and will transition into the CEO role on June 1.
