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Sources warned some property XoL books are already running 50% loss ratios. -
The segment’s underwriting results halved to $532mn in 2024 from $1.07bn in the prior year.
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Cyber, marine and aviation are recent areas of focus.
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Markel Insurance is made up of the firm’s three primary underwriting businesses.
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The insurance industry has experienced mounting losses from severe convective storms.
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Some of the Big Four are slowing growth as the market softens.
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Based in London, the executive joined BMS nine years ago after a stint as MD at AJ Gallagher.
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CUO Rachel Turk said some syndicates were showing a “mismatch” in ambition and strategy.
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He also joined Everest’s board last week as an independent director.
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The carrier was seeking to expand its 1 March-renewing programme.
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The reinsurer anticipates downward rate pressure to continue over 2025.
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Reinsurers’ hopes that LA wildfires will slow 1.4 softening are in question.
