Hamilton Insurance Group
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The specialty treaty market is preparing to deal with the fallout from the Baltimore bridge disaster.
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These cedants could offer the firm access to support their casualty and specialty lines as well.
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The bridge collapse added 9.8 points to the consolidated quarterly CoR.
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The ratings agency flagged the “increasingly favourable” underwriting results.
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The executive is replacing Chad Cundliffe, who is retiring from the company.
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The Bermudian posted 18.5% top line growth in its first year as a public company.
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Patterson will also serve as chair of the audit committee.
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The Bermudian booked $6.5mn of cat losses, or 1.8 points on the CoR.
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Peter Riihiluoma will succeed Richard Sammons, who is set to leave the business.
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Hamilton is seeing additional opportunities on the casualty reinsurance front as other players pull back, given the loss activity stemming from 2019 and prior years.
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The executive said that property cat market terms and conditions continue to be favorable, while demand is anticipated to increase in January 1 and throughout 2024.
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Its combined ratio for the quarter improved nearly 30 points, particularly driven by better performance in its Bermuda segment.
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