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The firm has done more business via quota shares than initially planned, but said this gave it access to improving primary rates.
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The Hong Kong reinsurer said the move was a ‘natural next step’ in line with the company’s diversification strategy.
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The reinsurance contract indemnifies Intact against losses in excess of a £2.6bn retention on losses occurring before the end of 2020.
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The Texas Big Freeze plus an active hurricane season could see losses balloon in 2021.
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CEO Alan Schnitzer said the transaction gave the business “a window into a successful management team” and addressed its underweight position in E&S.
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The analyst said the loss will fall mainly to reinsurers rather than primary carriers.
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The former Verto Syndicate 2689 CEO said the business had come close to raising funds for a de novo start-up before pivoting to an M&A approach.
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The expansive broker has poached a number of senior staff from Aon as it builds its team.
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ERS’ recently rebranded (re)insurer IQUW has confirmed the appointment of Stephen Young as CEO for a new Bermudan division, as first revealed by this publication.
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The five reinsurers with the largest shares of the 2020 programme were Swiss Re, Scor, Munich Re, Hannover Re and Lloyd’s carriers.
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The executive stood down from leading Sompo International’s reinsurance business last year.
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Head of crisis management Mark LeBlanc will lead the team.
