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Based in Zurich, Jörg Bruniecki will take up his new role in 2022, reporting to MS Amlin AG CUO Charles Goldie.
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Liz Cunningham, Watford’s chief risk officer, has been named its new CEO, as the company said that ratings agency AM Best had affirmed the outlook on its A- FSR to "stable".
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Brid Reynolds will be responsible for the oversight and development of risk functions globally.
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The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.
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The underwriter’s exit comes after the reinsurer added Jill Beggs from Munich Re last week, and promoted Peter Bell to be its new CEO in Bermuda in July.
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However, the deal is low-to-mid ranking in terms of book multiple.
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Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.
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The hire comes after the intermediary agreed to buy Bermudian business Foram.
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The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.
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The ratings agency said the island would continue to provide a beneficial environment for carriers overall.
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Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.
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The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.
