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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May. -
The carrier will focus on mid-market business outside of Lloyd’s.
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The MGA is building out its product base from its latent defects and surety offering.
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The reinsurer said the market was unprofitable and pricing needed to increase immediately.
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The only major product line to see rate increases was casualty.
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He will oversee Ascot’s US and Bermuda insurance and reinsurance companies.
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The move was influenced by fierce competition in the domestic US D&O market.
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The specialty MGA has been pursuing an M&A strategy in recent months.
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PartnerRe's $5mn commitment will enable the MGA to expand its D&O line size.
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The broker has recently unified its global financial lines practice.
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The combined ratio improved by 3.2 points, from 80.9% in 2023 to 77.7% in 2024.
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Larger companies ranked regulatory breach as their top risk.
