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Remedial actions start to bear fruit in primary property.
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Sources said the retreat of Liberty and Aspen from the class has made placements challenging for brokers -
The Dubai-headquartered company will list on the Nasdaq today, giving it additional access to capital markets.
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The position at the carrier was vacant following the elevation of Peter Welton to UK head of energy.
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The deal comes as renewable energy rates continue to harden.
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The experienced underwriter left Canopius last year on the eve of the AmTrust merger.
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Market sources said the carrier was no longer accepting submissions across those classes of insurance.
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Marc Sullivan will be a downstream energy class underwriter at IGI and report to Graham Hensman.
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The carrier may also expand in power and niche aviation as conditions improve, CUO Paul Gregory told analysts.
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Hardening market conditions are providing opportunities, the broker says.
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Gordon Browne will take over as interim head of global specialty following the executive’s departure.
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The move comes amid rate hardening across both energy and marine insurance.
