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Sources warned of the erosion of underwriting margins after a string of strong years. -
The carrier reported an undiscounted combined ratio of 89.1%.
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The London D&F market will shoulder most of the losses.
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Underwriting conditions in the financial lines market have deteriorated after major hardening.
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The distribution firm has accused the MGA platform of illegally recruiting staff.
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This follows the firm’s exit from primary aviation.
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Navigating its path to global specialty growth will require operational dexterity.
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He said that “everyone’s looking for growth”, as the firm has moderated its top line projections.
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The transition will take place immediately, with Anthony Baldwin set to leave next month.
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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.
