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The syndicate’s claims ratio worsened due to an “exceptionally active” hurricane season. -
Reinsurance made up 12% of the syndicate’s 2024 GWP.
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Cat losses from Helene, Milton and the Oklahoma tornadoes will fall within expectations.
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The syndicate expects to book a combined loss of £39mn from hurricanes Helene and Milton.
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The March 13-16 storms would mark the first billion-dollar US SCS event of the year.
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The syndicate achieved a profit despite a “relatively heavy” catastrophe year.
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The broker has promoted Oriol Gaspa Rebull to global head of analytics strategy.
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The broker said that businesses not investing in AI capabilities would be left behind.
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Instead, the reinsurer plans to write more casualty business through its innovations book.
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Most of the market’s largest syndicates kept their CoRs below 90% as prices remained adequate.
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MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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Price Forbes operations in Miami, Chile and Peru will report to Mulic.
