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Competition for talent has led to high levels of staff displacement in the marine hull market. -
Rates are said to be doubling across the board as losses for 2023 top $1bn, resulting in a loss ratio of around 150%.
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Ablett is currently QBE’s global head of trade credit and surety and has headed up its global credit team since 2018.
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The appointment comes following the resignation of Jo Reynolds, who is joining Axis.
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The new product is backed by Tokio Marine Kiln and initially aimed at UK businesses, with plans to expand internationally.
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Edward Hart joined Aspen in February and has previously held roles at Brit and Barbican.
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The lessor said the payment was in relation to eight aircraft formerly leased to Pobeda Airlines, the low-cost subsidiary of Aeroflot.
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The report noted that, overall, marine insurance results appear to indicate growth, which Iumi welcomed after a prolonged period of negative returns.
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The carrier previously led a space consortium for 25 years and co-launched a Lloyd’s-backed space consortium with Hiscox MGA in 2019.
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Patrick Bousfield is understood to have resigned from his current role as senior broker at Lockton Re Bermuda.
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Stuart Williams, currently war practice leader, will become head of new business.
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At a point when cyber rates are falling and capacity is plentiful in high excess layers, the mutual plans have the wider cyber market somewhat perplexed.
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