Fidelis Insurance Group
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The firm projects losses from the fires at between $160mn-$190mn. -
The group's reinsurance book was also hit with cat losses during the quarter.
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In tandem, it pegged its net cat loss estimate from California wildfires at $160mn-$190mn.
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After one good year, giving back margin now will be “inexcusable”, the executive said.
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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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