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According to sources, AIG underwriters globally have been told not to write new construction risks in Latin America.
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Berkshire Hathaway-owned MedPro provides medical malpractice insurance in the US.
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The comments came as Chubb shares rose more than 6.3 percent following the release of fourth quarter results. -
General liability, professional liability and personal lines were key growth areas for the carrier.
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The broker has experience placing business for offshore law firms and trust companies.
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The move by a senior claims executive to the underwriting side comes amid mounting casualty claims due to social inflation.
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The carrier's first full-year results as a listed entity will include $28mn of unfavourable development.
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SVP Tom Jurgens told The Insurance Insider that he expects the book to grow at least 15 percent this year.
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If early reporters Travelers and RLI are reliable cross-industry bellwethers, it looks like significantly lower overall catastrophe losses last year will flatter carriers’ Q4 and 2019 results and offset much of the damage from spiralling casualty claims.
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Disruption in P&C markets is expected to boost demand for captive services.
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The appointment follows the closing of Gallagher’s acquisition of Capsicum Re.
