Fidelis Insurance Group
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The partnership is Fidelis Insurance Group’s first third-party capacity deal.
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Cat losses increased 14.6% to $91.6mn, driven by Hurricane Helene and Storm Boris.
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The marine underwriter said the business had grown through taking “very big positions” on programmes.
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The IG’s $3.1bn reinsurance tower is facing double-digit pricing increases in the wake of the Baltimore bridge disaster.
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The announcement comes a week after the launch of international property MGA Seraphina.
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Kelly Sanders has returned to the Fidelis group to lead the unit.
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The executive spent 18 years in various finance roles at Arch.
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Negligence must be proved to cover any loss of life for passengers under P&I cover.
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The carrier also reported more difficulty than anticipated in realizing the value of collateral following the defaults.
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The losses were driven by events in property D&F, particularly tornadoes.
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It will be led by Valeria Del Villano, who was head of international renewables at AIG.
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The firm has hired from Probitas, Tamesis Dual and Aegis for the cells.
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