Brit
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The underwriter joins the business from Beazley.
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Fairfax paid $251.8mn for the 11.2 percent ownership of Brit, implying a value of $2.2bn for the insurer.
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The carrier has withdrawn from aviation as it seeks Lloyd’s approval for its 2019 business plan.
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John King was previously group executive underwriter for Brit in London.
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Liz Breeze replaces Yuval Abraham and will be based in Bermuda.
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The Aspen story is a microcosm of what has happened to the global wholesale, specialty and reinsurance world of the past pricing cycle.
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A team of three led by Laura Goldsworthy moves following the dissolution of Advent Syndicate 780.
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Christiern Dart will continue as chief underwriting officer of the carrier following the appointments at Syndicates 2987 and 2988. -
The withdrawal of Brit from yacht business at Lloyd’s and increased scrutiny of underperforming lines has heightened pressure on the class.
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BGSU has reaffirmed its commitment to US yacht business amid reports of the syndicate pulling out.
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Uncertainty remains over the future of Advent’s established terror book.
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Beazley among the carriers to fall short of analyst expectations.
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