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The carrier has made numerous hires across its marine team as part of an international insurance buildout. -
The incoming cyber head was previously head of cyber for Marsh Europe.
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Sources voiced some disappointment in the rate reduction but acknowledged the improved loss record of the contract.
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Competition for talent has led to high levels of staff displacement in the marine hull market.
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Rates are said to be doubling across the board as losses for 2023 top $1bn, resulting in a loss ratio of around 150%.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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Ablett is currently QBE’s global head of trade credit and surety and has headed up its global credit team since 2018.
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The appointment comes following the resignation of Jo Reynolds, who is joining Axis.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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A-Star offers up to $80mn in additional capacity for D&O liability insurance.
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The new product is backed by Tokio Marine Kiln and initially aimed at UK businesses, with plans to expand internationally.
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There is an increasing focus in the casualty reinsurance space on social inflation and litigation funding trends.
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