Markel
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The total increase to the Bermudian firm’s AuM will be “tempered” at the start of the year due to timing of allocations, cat losses and side pocketing. -
Deployed capacity is recovering and claims were below expectations but ending government support could negatively hit the market.
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Arnd Briese has moved into the post of Germany-based financial lines head.
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Germany is among other jurisdictions to have prolonged the life of similar schemes.
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The local Organising Committee expects to receive around 50bn yen ($481mn) for the initial delay.
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Simon Barrett, who was Markel International’s finance director for under two years, replaces Bob Moreton who retires next year.
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The move comes as conditions continue to improve for hull underwriters following years of losses.
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New civil case filings in federal court were up 43% as of the end of June.
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The move will allow Markel to leverage Nephila's position and generate operational efficiencies, co-CEO Richie Whitt said.
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Enterprise and property cat reinsurance are a “must have,” chief risk officer Julia Chu says.
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The settlement will be paid in the third quarter.
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Euler Hermes, Coface and Atradius are also participating in the scheme, which has had formal approval from the European Commission.
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