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The ruling ends a near-decade-long dispute over a $470mn North Sea claim.
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The insurer will place the operation’s portfolio into run-off over the next six months. -
MGAs specialising in yacht business are raising new capacity from US domestic insurers.
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The multi-year agreement will see the two companies work together to drive the use of Concirrus' Quest Marine platform.
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The investment from a Luxembourg-based VC fund brings total funds raised to $41.9mn.
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The deal broadens Miller's grip on the primary marine market.
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CTMA has withdrawn Syndicate 1884 from the business planning process for 2019 ahead of a crunch Franchise Board meeting.
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James Hyett will report to Aegis London marine and energy head Richard Palengat.
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The two mutuals hope to benefit from cost efficiencies.
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The broker said increased pressure to improve profitability across the class had led to unpredictable behaviour by carriers.
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Shares fall more than 5 percent in early trading after the carrier warns of up to $75mn in losses from marine events and natural catastrophes.
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A lack of major losses has helped insureds push for better pricing, according to JLT.
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