Bermuda
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Claims related to California wildfires are "fairly insubstantial" to date, executives said. -
The capital partners unit was launched via London Bridge 2 in Lloyd’s last year.
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The carrier’s Q4 CoR decreased 34.8 pts YoY to 94.2% as it reported favorable prior-year reserve development.
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The reinsurer is ready to deploy additional capacity following the event, but only if prices are commensurate with risk.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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Somers Re is valued at ~$1.3bn, according to disclosures made in Arch’s Q3 2024 SEC filings.
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He was appointed acting CEO earlier this month, after Andrade’s departure.
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The carrier tapped the run-off market in Q4 for a US casualty insurance-focused portfolio.
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Andrade is taking up a CEO role at another “prominent financial services firm”, Everest said.
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Christa Schwimmer has joined the leadership team alongside Stefan Golling.
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The reinsurer is buying out China Minsheng affiliate at year-end.
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