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Australian insurers are now pursuing a second test case for further clarity on BI policy wording.
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The company is reducing the limits it offers to $5mn, non-renewing accounts with more than $100mn in revenues, and only quoting new business for accounts with less than $10mn in revenue.
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Reinsurers are talking about a new era of elevated risks, but their behaviour may signal a more relaxed view heading into 2022.
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The Gary Burke-led business has appointed KBW to advise on the transaction.
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“We are not about to let [the] delay…compromise the deal”, says Latham & Watkins lawyer Dan Wall.
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Sources said Cinven-Tysers talks are focused on valuing the contingency business and issues around cultural fit.
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He said Lloyd’s was a “broad church” and the market would work together gradually to reduce fossil fuel exposure.
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The consortium, created with China Re, will later expand to include other lines of business.
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Frederick Streeton will join in September from Liberty Mutual Group, where he was head of underwriting strategy for the its global risk solutions business.
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Executives including AIG CEO Peter Zaffino, Aon CEO Greg Case and Munich Re CEO Joachim Wenning have joined the task force, chaired by Lloyd’s.
