General casualty/GL
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DLG’s outlook has been downgraded to ‘negative’ following a 24% tumble in share price since last week, as severe weather and investment-portfolio pressure tank profitability. -
Inflation will define priorities such as a focus on safeguarding clauses and pricing transparency, as well as line of business challenges, for underwriters and actuaries in the year ahead.
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The MGA writes management liability, professional indemnity, crime and cyber risk.
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The new lead underwriter has almost 30 years’ experience including stints at Chubb, Faraday and Howden.
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The reinsurer added $280mn in casualty pro rata premium in Q4, a 60% jump, while growing casualty XoL writings by 37%, or about $84mn in new premium.
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The carrier continues to write the class from other global hubs.
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Kevin O’Donnell also said 1.5-point rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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The new division is structured into three business units: a chief underwriting office led by Rasmus Nygård, business transformation led by Jörg Hipp and global MidCorp, headed up by Ole Ohlmeyer.
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The SPA was launched in 2019 and generated a combined ratio of 88.8% last year.
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Ress will lead Axa XL’s underwriting strategy for general liability, motor and environmental insurance in Europe and the APAC region.
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Australian insurers are now pursuing a second test case for further clarity on BI policy wording.
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The newly acquired carrier has confirmed a payout of £80mn for UK Covid-19 claims so far.
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