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Sources warn further unrest is possible and anticipate rising demand for SRCC and even full political violence cover. -
The motor syndicate is undergoing a major strategic expansion into other specialty lines.
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The former RiverStone CUO joins at a moment of inflection in the line after years of softening conditions.
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Rates on open market business are flat to 10% up, which could place increased scrutiny on broker facilities.
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The call for evidence forms part of a five-year review of the pool’s remit.
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The scheme’s operational independence was thrown into doubt earlier this year when the mutual was reclassified as a public sector entity.
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The unit combines kidnap and ransom, security incident response, terrorism, product recall and personal accident lines.
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It will assess current risk-sharing arrangements and evaluate scheme rules including the “all or nothing” participation requirement.
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The London D&F market is expecting minimal exposure, but there is also potential for political violence and trade credit losses, sources said.
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Brit has appointed Andrew Umphress as vice president, terrorism, to its US specialty operation, based in New York.
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A presidential ambition to designate Antifa as a terrorist organisation faces hurdles.
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The executive switches to broking after working at Hiscox for nearly 12 years.
