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The business is being marketed off around £15mn Ebitda, sources said. -
The carrier reported total cat losses of $48.9mn during Q1-Q3 2024, versus $20.2mn in 2023.
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It is understood the increase is mainly due to a new professional lines team.
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Most of the losses derive from France.
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The broker said the casualty segment is approaching an “inflexion point”.
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The QIC-owned carrier has completed extensive remediation in the past two years.
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London market carriers may be getting competitive, but that is not in itself a bad thing.
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The firm is also integrating changes to its process to allow it to cover wider ground.
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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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Andrade flagged expected 5% to 10% increases in the US and Europe.
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Flash flooding in Spain has killed at least 64 people, leaving thousands of homes without power.
