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The agency has also cut the carrier’s long-term issuer default rating to A-.

The executive was CEO of reinsurance solutions at Aon Switzerland.

Actions would include skilled person reviews enforced by Lloyd’s, requirement to submit a contingent run-off plan, limiting how much a syndicate can write or restricting on who it can hire.

Top-line premium at Lloyd’s is set to hit £56bn in 2023, up 14% on higher inflation.

The modelling firm noted a shift towards stronger hurricanes making landfall.

The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.

The forecast included three intense hurricanes, six hurricanes and 13 tropical storms.

Permira, Nordic Capital and Eurazeo are in the frame to back the broker.

Streidl will step into the role following Rob Kuchinski’s retirement at the end of the year.

The California Earthquake Authority expects difficulty sourcing capacity well into 2023.

The new MRC v3, renamed from the iMRC, will be ready by Q1 next year along with the latest version of the core data record.

Alex Jomaa has also worked at CFC and Lothbury UK.

Marshall Bailey replaces Simon Jeffreys, whose seven-year stint as chair is coming to an end.

Prior to her promotion, Laura Casby was a senior underwriter in the UK and Lloyd’s upstream energy team.

The group is also looking to increase its return on equity, improve dividends and target top talent.

With weaker economic growth and competitive pressures hindering insurers' efforts to push through offsetting price increases, the ratings agency expects the sector's underwriting profitability to weaken.

Mahoney joins from Aon, where he was team leader for US general casualty and energy in London.

Lloyd’s today confirmed that total spending on the Blueprint Two modernisation programme is still forecast to be £300mn, despite a three-to-six-month delay in delivery.

The carrier has called this month’s vote ‘a critical moment in Argo’s history’.

Lloyd’s is looking to optimise its capital structure and debt maturity profile through the offer.

The modeler warned that climate change was increasing the chances of $20bn, $30bn and $40bn loss events.

The carrier aims to achieve an energy underwriting portfolio that is 75% low-carbon in seven years’ time.

Bazire’s appointment marks the third senior leadership appointment at Consilium in as many months.

The pair have permission to undertake a Part VII transfer.