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The deterioration was driven by increased operating expenses. -
The international segment’s net written premium grew 15.8%.
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Parent MS&AD highlighted “strong underwriting fundamentals”.
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The floods add to an already historic loss tally for Canada in 2024.
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Parent group Talanx reported a 9M operating profit of EUR3.7bn.
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Helene losses were spread wider than initially suggested, in contrast to Milton claims.
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James Cox succeeds James Lee, who is set to retire at the end of 2024.
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CEO Stef Raftopoulos said the company platform will let the operation reach a suitable scale.
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The P&C combined ratio improved to 94%, while premiums rose by 6.9% to EUR25bn.
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Insurance will be one of five priority growth opportunities in financial services.
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Acrisure’s syndicate launched in 2023 with an $84.4mn stamp.
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Ceding commissions remain elevated, but primary rates are improving reinsurer margins.
