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Larger companies ranked regulatory breach as their top risk. -
The syndicate expects £5.8mn-£8.6mn in California wildfire claims.
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Reinsurance made up 12% of the syndicate’s 2024 GWP.
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The market took a higher share of hurricane losses and couldn’t cut its acquisition costs.
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Instead, the reinsurer plans to write more casualty business through its innovations book.
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Ki cut its top line by 8.7%, while Beazley’s smart-tracker expanded to $481mn.
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Most of the market’s largest syndicates kept their CoRs below 90% as prices remained adequate.
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Ahead of the deal, Ergo owned a 29% stake in Next, which generated top line of $548mn last year.
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Reinsurance and property remained the primary drivers of premium growth.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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The Corporation’s CFO hailed profitable growth but warned syndicates to maintain discipline.
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The UK retail distribution firm is run by former Stackhouse Poland CEO Tim Johnson.
