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The transaction would address the 2017 and prior years of account.
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The executive is understood to have teamed up with former colleagues Harris and Hernon. -
Asbestos payments in 2018 declined by 14 percent to $2.1bn, according to the ratings agency.
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The executive will leave the legacy carrier at the end of the month.
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The recruit will optimise the structure of the legacy carrier’s acquired run-off assets.
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The transaction has now received regulatory approval and has closed.
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John Cashin said the legacy space is too complex to be easily tackled with technology solutions.
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The executive has investment from private-equity house Partners Group and is already considering transactions.
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The deal is Axa Liabilities Managers’ 20th run-off purchase.
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The executive moves to the Hamburg-based company from the position of head of legacy solutions restructuring in North America.
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Executives from RSA, Enstar, Builders’ Accident Insurance and RiverStone participate in the venture.
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The sellers say the run-off specialist will develop additional RITC and run-off solutions for the Lloyd's legacy sector.
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