Bermuda
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Arch CEO Marc Grandisson has said he is “not losing sleep” over the prospect of new (re)insurance startups snuffing out the hard market. -
The reinsurer grew premiums by 31% in the quarter overall, led by a 33% pickup in property premiums and 29% growth in casualty and specialty.
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Tom Gregory, Cameron Maffit, Mark Robinson and Patrick Reardon have now started in their new roles.
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The ratings agency has also affirmed the A- FSR of Convex’s UK and Bermudian entities.
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Claims from Winter Storm Uri will cost the carrier about $43mn, before tax.
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The carrier says it expects winter storms Uri and Viola to account for between $80mn and $90mn of claims absorbed during the period.
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The executive says the carrier made strides last year in its underwriting and is well positioned for growth.
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The legacy company chief will also receive a $20,000 monthly housing allowance as he relocates to Bermuda from the UK.
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The Nuclear Electric Insurance Limited subsidiary is targeting US E&S and looking to write business from April.
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Richard Coulson, Richard Holden and Philip Vandoninck will all take on more senior roles.
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A survey from the Bermuda Monetary Authority found almost 60% of P&C insurers have not changed their business strategy in response to climate change.
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