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The consideration in this deal will also include $2.2mn of Ryan Specialty Class A common stock.
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The carrier reported adverse development in run-off and a decreased investment result.
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On a discounted basis, Brit's combined ratio deteriorated by 2.1 points to 72.7%.
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The broker had been vying with Marsh McLennan and AJ Gallagher.
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Alex Nicoll joined Sedgwick in January as UK head of media and entertainment.
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The carrier also appointed Pugi head of Bermuda excess casualty.
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A rundown of the main stories of the week.
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The primary casualty book was down by “some 26-odd percent from the prior year”.
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In certain classes like energy or cat, AIG switched “a bit” to XoL from quota share.
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M&A activity between 2012 and 2022 garnered long-term returns essentially equal to the relevant market index.
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The CEO said the carrier had identified several areas in its portfolio as having room to grow.
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A claims dispute between the US Coast Guard and insurers has sparked fear about aggregations.
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He replaces Paul Messer, who moves to a group role.
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The carrier shifted away from quota share in a bid to control cat volatility.
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Digital Follow will be launched in the second half of the year.
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AI-centred InsurTechs in Q1 accounted for 28% of all deals in the Global InsurTech report.
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The carrier said it remains on track to hit a mid-80s combined ratio at the end of FY 2024.
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The carrier said rating in the London market came in ahead of expectations.
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The GWP gain was driven by an 11.2% increase in the insurance top line and 11.8% in reinsurance.
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Axa XL’s product recall team was depleted after two senior underwriters resigned in January.
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The Bermudian has been reducing exposure in Florida for almost a decade.
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This publication revealed that the firm is working with Jefferies on the sale of its A&H MGA Armada.
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The pair join from Validus Re and Axa XL.
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The launch comes four months after Wakam Syndicate 1347 was placed into run-off.
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Love joins from Scor, where she was assistant vice president, insurance operations.
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The ratings agency flagged the “increasingly favourable” underwriting results.
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The legacy deal comes one year after a $1.3bn LPT with Compre covering several lines.
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The property CoR improved by 13.7 points, while casualty and specialty’s deteriorated by 6.7 points.
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There was no material development on long-tail casualty lines across all years, he said.
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The IG said that around 800 tankers have left group clubs because of the cap.
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Verdicts awarding more than $100mn hit a new high of 27 last year, study finds.
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The company plans to grow exposure for June 1 and July 1 renewals.
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Approximately 1.2 million units are vacant throughout the state.
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The group said proposals could do “irreparable reputational damage” to innocent parties.
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Staff movement has been elevated in the energy market since the beginning of the year.
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Nicola Schroder was head of environment and transition.
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Moore has been named head of technical and operational in the delegated risk team.
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Breese has been promoted to underwriting director to lead the team.
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The reinsurance segment's loss ratio reflected 3 points for the event.
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The firm booked $85mn of pre-tax cat losses, primarily driven by the Baltimore Bridge collapse.
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Prices for programs that renewed in both Q1 2023 and Q1 2024 decreased 15%.
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The executive will also serve as a member of Scor’s executive committee.
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Overall economic losses hit $45bn in the first quarter of 2024.
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The executive is replacing Chad Cundliffe, who is retiring from the company.
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The goal is to narrow the cyber protection gap, strengthening UK resilience.
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The 100% equity award will vest in full after five years.
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The MGA can also offer cargo war risk coverage of up to $100mn.
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The former Nephila director joined the broker last year.
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The broker said the $125mn excess cyber vehicle is now the largest of its kind.
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The UK's move towards the BoE's inflation target contributed to the upgrade.
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Most recently, Goddard was joint active underwriter at WRB Underwriting.
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The flooding was caused by thunderstorms, as opposed to cloud seeding, experts say.
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The carrier confirmed a combined-ratio guidance in the “low 80s” for the year.
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The ratings agency said the upgrade reflected MS Re's “very strong” balance-sheet.