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Syndicate 1200 CEO Graham Evans says growth will likely slow in 2025 as the market reaches inflection point. -
Mathieu Loisel joins the reinsurance broker from New Re.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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The members’ agent said 2024 will still be a profitable year for Lloyd’s.
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Losses are likely to fall within syndicates’ loss budgets, it said.
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Prominent Name Dhruv Patel is the firm’s founder.
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Syndicate 609 will cede net loss reserves of approximately $196mn.
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The move comes ahead of a planned sale of Wefox’s insurance business.
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High-net-worth binders and treaty exposures will bring significant claims to Lloyd’s writers.
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The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
