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Sources warned of the erosion of underwriting margins after a string of strong years. -
The carrier reported an undiscounted combined ratio of 89.1%.
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The London D&F market will shoulder most of the losses.
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The MGA will be trying to replace the transactional liability capacity in the coming weeks.
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The group joined Velocity in December and includes James Robertson.
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Underwriting conditions in the financial lines market have deteriorated after major hardening.
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The distribution firm has accused the MGA platform of illegally recruiting staff.
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The underwriter will relocate to the London market from Genoa.
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The role will focus on international treaty, specialty lines and strategic advisory.
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This follows the firm’s exit from primary aviation.
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Eric Paire was head of capital advisory at Aon for nearly seven years.
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The reinsurer pegged the market loss at $40bn.
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