Mitsui Sumitomo
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The merger is set for April 2027, subject to regulatory approval. -
The shares will be purchased via the open market or private third-party transactions.
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Regulators are mulling reforms that could open the door to international independent brokers.
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The carrier has rebranded its UK entity from MSI EU to MSIG UK.
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Japan’s Financial Services Agency has ordered an investigation into the carriers’ practices.
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Industry veteran Michael Wade will join Helios as a director and chairman, and take on a senior advisory post at Mitsui.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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The insurer is moving forward with talks to acquire the US hybrid fronting carrier, according to a Japanese newspaper.
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Mitsui, Tokio and Sompo are to split the loss, which will be absorbed by retentions and property XoL treaties.
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Mathias Neumann was chief underwriter of casualty and specialty at the Japanese company.
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Specialty CUOs Andrew Wright and Mark Clements, and reinsurance CUO Phil Wooldridge step down as the newcomer is charged with “repositioning”.
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The London market business booked the majority of its Japanese parent’s fiscal Q1 Covid-19 losses.
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