Canopius
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The syndicate booked net unrealised losses of just under £40mn and an investment loss of 2.3%. -
Harrison spent 25 of his 30-year-long career at QBE, most recently as group chief underwriting officer, a role he held since 2021.
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For its regional divisions, the carrier reported combined ratios of 84% for the US and Bermuda along with 96% for the UK.
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The deal involved the use of a non-payment credit insurance policy covering exposure on a GuarantCo portfolio transaction.
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The appointment comes following the departure of Stephen Haynes, who has joined Argenta.
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David Mutton joins from Axa XL, where he held the position of senior casualty underwriter for Australia.
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Canopius also added Jade Weaver, former management and professional lines underwriter at Argo, to its Bermuda team.
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It is understood that Axis and Canopius lead the facility, which considers clients from any industry sector in providing excess capacity.
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The group’s operating results have improved, but the ratings agency warned that further action could be taken if risk-adjusted capital levels did not rise.
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The exit highlights increasingly difficult conditions in the retro and reinsurance markets.
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New recruit James Pearson will report to group CFO Gavin Phillips.
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The Canopius MGA has reached $130mn of premium, but is moving to secure third-party support to scale up further.
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