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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 consortium, created with China Re, will later expand to include other lines of business.
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The reinsurer is looking to anchor its UK motor co-insurance and reinsurance capacity with a fully integrated platform for distribution and claims handling.
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Swiss Re acquired its Phoenix stake in 2020 following the sale of closed life business ReAssure.
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US property rate increases are coming in below expectations, although European rates remain on the up.
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Reinsurers from Bermuda, the Cayman Islands and Japan have also provided capital to the syndicate for its 1 July launch.
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Plus, a detailed look at the FCA’s BI claims data and all the most popular news from this week.
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The Lloyd’s CFO said the deal will finance growth at a cost "three times cheaper" than charging members to support the central fund.
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It estimated that 2021 natural peril claims would be significantly more than its allowance.
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Registrations for the event will be limited if necessary to ensure distancing measures can be taken.
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The marine market fears a multi-hundred-million-dollar loss to result from the sinking of the ship.
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The Australian insurer said it received approximately 3,750 claims relating to recent flooding, as the low deductible on its losses implies it may trigger a dropdown or aggregate cover.
