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The group joined Velocity in December and includes James Robertson. -
The distribution firm has accused the MGA platform of illegally recruiting staff.
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The underwriter will relocate to the London market from Genoa.
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Navigating its path to global specialty growth will require operational dexterity.
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The capacity arrangement with LRA also remains in place.
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The transition will take place immediately, with Anthony Baldwin set to leave next month.
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Predicting underwriting conditions for the remainder of the year is ‘challenging’.
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Ascot Underwriting CEO Ian Thompson, who took the helm last summer, discussed emerging headwinds.
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The London carrier posted an undiscounted combined ratio of 79%, up from 74% in 2023.
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The group will house a segment for specialty and benefits and another for underwriting.
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The result is 1.1 points ahead of the midrange of a 6.4%-16.4% forecast.
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Returns on capacity reduced, forecast at 4.4%-14.4%, have settled at 4.6%.
