MS Amlin
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An “extraordinary” proportion of storms reached Category 5 status this year. -
Plus, the latest people moves and all the top news of the week.
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The carrier boosted net premiums by 45% and shaved 2 points off its expense ratio.
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Executives also agreed that facilitisation is a structural market change.
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The executive said that outside of property cat, renewals will be “relatively stable”.
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The power market is experiencing double-digit rate reductions.
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This publication revealed the move earlier this year.
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Sam Geddes will join Syndicate 1918 next year in an executive leadership role.
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The recruits will join from Nephila, Aon and Malaysian Re.
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California wildfire losses were partially offset by improved underlying underwriting.
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Dart succeeds Andrew Carrier, who will retire at the end of the year.
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Peter Cordell will join Syndicate 1729 in January.
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Category 4 and 5 storms could become more common and hit further north.
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The carrier has entered several new classes recently, including specie and reinsurance.
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The underwriter joined MS Amlin in 2020 after more than 24 years with Markel.
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The change reflects the company’s growing profile within the MS&AD group.
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The company’s parent MS&AD reported group profit of 691bn yen for the year.
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Competition is high in specialty reinsurance as new capacity enters the market.
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CEO Andrew Carrier says the business has strong “forward momentum”.
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The launch is part of MSI’s strategy to expand the capacity of its UK subsidiaries.
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Improved underwriting helped absorb claims from the Baltimore bridge collapse and Hurricane Helene.
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The MGA has faced high claims activity on its energy liability book, fuelled by social inflation.
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New entrants have contributed to competition in the class of business.
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