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The latest financial condition report for Darag Bermuda shows a $69.0mn loss after tax for 2021. -
Guy Carp is advising the specialty insurer as it seeks to draw a line under adverse development from its historic program book.
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The transaction will eliminate Enstar’s direct exposure to cat business and boost its book value.
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A very public shareholder dispute is taking centre stage at a firm in transition.
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The investor now has a ~9% holding in the legacy specialist.
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The former reinsurance leader’s exit from treaty highlights wider pressures on the market.
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The transaction would mark a fifth legacy deal struck by Argo as it seeks to clean up its back book amid a strategic review.
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The portfolio consists mainly of underwriting years 2004 to 2018.
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Underwriters in both London and Singapore are in discussions with the company.
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The carrier was pushed to a net loss of $493mn by mark-to-market losses in its investment portfolio in Q2.
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Helena Kazi is set to launch an InsurTech MGA later this year that will provide “hyper-personalised” insurance to the gig economy.
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The carrier completed legacy deals within both its Re & ILS and London market segments.
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