Conduit
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The firm said “respect” for reinsurance is at a high.
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The Bermudian achieved a 72% CoR and an improved investment result.
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Conduit said the reduction in interest rates over H2 2023 led to "substantial investment portfolio valuation gains”.
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CEO Trevor Carvey said 1 January 2024 renewals were more “orderly” than in 2023.
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The carrier said it expects to maintain CoR as it takes a selective approach to casualty lines.
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Cat losses were within budgets despite high levels of minor events.
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Sources previously told this publication there is up $15bn of exposure on-risk locally.
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Richard Sandor is widely regarded as being the architect of interest rate derivatives when he served as the vice president of the Chicago Board of Trade.
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The reinsurer noted that no event loss, individually or in the aggregate, had a material impact during the period.
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London’s major carriers have projected bullish messages on a prolonged hard market for property, while acknowledging other classes are in very different cycles.
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The carrier reported a comprehensive result of $78.6mn – its first interim profit.
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Rebecca Shelley has worked in investor relations and communications roles at Norwich Union, Prudential and Tesco.
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