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The broker said the market had entered a ‘new normal’ after $2bn+ losses -
Augment has been building its staff base after launching with Altamont backing in 2023.
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The pair have joined from Ryan Specialty Group’s Castel.
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Head of portfolio solutions Richard Palengat will lead the division.
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Outgoing chief Søren Scheuer will become a non-executive director.
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Investigators are homing in on the likely causes of the incidents.
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It has been a “good” bad renewal for cat reinsurers, with attachments likely to endure in the medium term.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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Sources say 2025 could be as costly for wildfires as the $20bn-loss years of 2017-18.
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The political violence market is in a competitive stage thanks to an influx of capacity.
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Total economic and insured losses are “virtually certain” to reach into the billions.
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Behind Axa XL, Convex wrote a 9.5% line on the all-risks reinsurance programme.
