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The broker said reinsurance capacity has contracted over the past 18 months, and the once-diamond-hard aviation war market has started to soften. -
The downstream brokers will join Price Forbes alongside former colleague Dan Nicholls, who left Miller last month.
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The product is led by Canopius and IQUW, with support from three other Lloyd’s insurance company markets.
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The line of business entry will be via its AdA SPA 2024, which will begin underwriting in 2024.
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The broker said it anticipated new entrants in the downstream class following a profitable 2023.
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Delegates at our annual London Market Conference (LMC) described the market as “transforming” and “exciting”.
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The latest class of business entry forms part of the carrier’s ongoing international insurance expansion.
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The political violence market failed to ‘look in the rearview mirror’ amid growing geopolitical tensions.
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Chubb declared at the last minute that it would not contest the English court’s jurisdiction, in contrast to every other reinsurer being sued by aircraft lessors.
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The carrier has made numerous hires across its marine team as part of an international insurance buildout.
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The incoming cyber head was previously head of cyber for Marsh Europe.
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Sources voiced some disappointment in the rate reduction but acknowledged the improved loss record of the contract.
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