Hiscox
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Kinesis deployed 50 percent more limit year on year while RenaissanceRe grew its DaVinci sidecar. -
The CEO also endorsed the increased discipline in the ILS space, in an interview after the carrier’s Q2 results.
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The company warns of IT hiccups within Hiscox Retail and lower reserve releases in the second half.
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The carrier stays in the black at underwriting level despite a steep decline in reserve releases.
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The ILS platform’s COO had helped drive growth to $1.5bn assets under management.
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The fund manager revealed it has cut its stake to less than 5 percent stake in a disclosure following the carrier’s profit warning.
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London carriers and global reinsurers posted the steepest falls last week.
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The carrier points to a $16bn industry-wide Jebi loss and $12bn in Michael claims.
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The carrier expects H1 profits to come almost exclusively from investment returns after Jebi and Michael loss creep prompts reserve strengthening.
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The Hiscox CEO was speaking on the third anniversary of the foundation of electronic trading platform PPL.
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The carrier will assess internal and external candidates to replace the executive.
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The appointment follows a spate of moves in the hardening aviation market.
