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The agreement provides £10mn of capacity in several marine lines of business. -
Latin America and the Caribbean accounted for 4.6% of GWP for Lloyd's in 2023.
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This is Chubb’s second MGA deal in the past few months.
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The deal will see Darag manage open claims relating to the runoff of Unipol Re.
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Underwriters fear that misleading statements about AI capabilities could result in claims.
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Cyber insurance rates for UK clients dropped 12% on average, Marsh said.
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The CEO also discussed the need for portfolio diversification.
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Major deals include a $1.3bn loss portfolio transfer with SiriusPoint.
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The mean nuclear verdict for 2013-2022 was $89mn, versus $76mn in 2010-2019.
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The Howden-owned MGA lost ~$250mn in cat capacity in September.
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Fears around social inflation have maintained upwards pressure on US liability reinsurance pricing.
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Additional capacity for upper-layer coverage is driving rate reductions, the broker said.
