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Lloyd’s is estimated to absorb £3.4bn of this loss, according to the firm. -
Hiscox’s Olly Durell, MS Amlin’s Daniel Black and Sarah Reeve all join the company.
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The trade association is pushing back against the forward-looking legislation.
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The legislation is prospective so it would not apply to Covid-19 claims.
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The estimate excludes losses from Lloyd’s and the London market.
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The carrier underwrites the policy on behalf of Gallagher and has around 2,000 customers.
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The discussions may ease industry fears of cavalier rulings by case handlers in favour of complainants.
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Coronavirus’ unwanted record; John Neal speaks out; structured credit freezes up.
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BI and credit and surety claims are forecast to be the main drivers.
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Uncertainty about future mass gatherings has reduced the number of clients coming to the market.
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The Lloyd’s CEO says insurance can still do a “hell of a lot” to help the crisis as he throws his weight behind Stephen Catlin’s “Pan Re” initiative.
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Albert Benchimol says the job of insurers is to mutualise risk, not subsidise it.
