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Reinsurers achieved an average ROE for 2022 of 5.2% – far below the cost of capital – in what Aon described as a “poor year for reinsurance sector earnings”. -
The company believes the program management and legacy businesses would work better as standalone operations.
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The broker’s international chairman said that without an influx of new capacity, the market will remain disciplined.
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Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.
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As the new board members take their place, long-time members Corver, Everiss and Roberts are to step down.
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The move is designed to improve the strength and sustainability of the UK and international business.
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The appointment comes as the legacy and investment banking divisions join under common management.
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The LPT covers both settled and unsettled claims, taking on “a lot of variability” and potential exposure in terms of the reserve, Marco said.
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S&P plans to publish a capital model prototype with its revised proposals for ratings methodologies, in its latest move to seek market feedback.
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Sources pointed to increased pressure to lift minimum rates on line above 2.5% on upper layers of wind programmes.
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The Insurance Collaboration to Save Lives is seeking life insurers to join an effort to deploy proactive health screening to reduce excess mortality.
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S&P published its first consultation on proposed changes to its risk-based capital adequacy methodology in December 2021.
