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Rates across Axis’s insurance book rose by 14% in 2021, roughly matching the 14% rate increases Axis said it achieved across its insurance portfolio in 2020.
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The executive also said that in many cases, the increases in ceding commissions that buyers were looking for were “too much”.
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The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.
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The UN’s Principles for Sustainable Insurance is helping to ensure ESG practices are embedded across all aspects of the insurance industry.
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Casualty premiums grew 48% and the company raised $663mn in new capital for its alternative capital vehicles.
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Martello Re will initially provide MassMutual with reinsurance capacity before opening up to other parties.
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In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.
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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
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Former Navigators CEO Vince Tizzio has joined as a senior adviser and will transition into the CEO role on June 1.
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Both gross and net exposures increased in the pandemic year, but net PMLs rose faster, a modelling report from the BMA shows.
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Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.
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The hire reunites Rene Lamer with fellow Sompo alumnus Stephen Young.
