Operations/tech
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Syndicate 5757 will target US programme business.
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Sources also named Mark Cloutier as a long-shot potential candidate for the position.
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Resulting lowered expenses could feed into Lloyd’s ambitions of building a £100bn premium market.
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The operation will be led by Stephen Saunders, with Jawad Ghunaim from AIG as CUO.
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Two-thirds of insurance firms have been challenged about their resilience plans by the regulator.
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Analysis of directors’ ages shows a shortage when it comes to the next generation of leaders.
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The move comes after the group delayed a strategic process until 2025.
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The Oxbow report found that AI use cases span the entire (re)insurance capability model.
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Syndicate 3123’s opening is “the largest-ever launch of a Names-sponsored syndicate in Lloyd’s”.
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The model uses machine learning and daily data to forecast hurricane seasons.
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A new cutover date will only be decided once key activities are completed or near completion.
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The company will now focus on its better-positioned businesses.
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