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For the prior-year quarter, the carrier reported a EUR9mn loss. -
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Followers will automatically support primary or excess Inigo quotes.
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Sources warned of the erosion of underwriting margins after a string of strong years.
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The London D&F market will shoulder most of the losses.
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Predicting underwriting conditions for the remainder of the year is ‘challenging’.
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Several underwriters left Hiscox’s property D&F team last year to join MGA Velocity.
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North America is likely to be the most financially impacted by the scenario, Lloyd’s said.
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The London carrier posted an undiscounted combined ratio of 79%, up from 74% in 2023.
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The estimate is based on industry losses in the range of $35bn-$45bn.
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Westfield has seen a number of senior underwriters depart the business in recent weeks.
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