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The line between legacy carrier and live carrier is blurred.
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When reinsurers are too big it is their cedants that can suffer, but when the buyers are too big it is the reinsurers that are squeezed by the asymmetrical relationship.
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Once your environment starts looking like a casino, you know you should leave.
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Around two years ago, I was a co-author of a report that argued AIG should have been broken up and sold in pieces, written with my friend and former colleague Josh Stirling during our time at Bernstein.
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Public company management is forced to spend a disproportionately large time working on regulation, compliance and communicating to investors.
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What would have happened if Hurricane Irma hadn’t swerved off its course towards Miami?
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A progressive martyr? Or a despot who trampled on dissenting viewpoints and sound business practices to promote goals that have little place in a for-profit, privately owned entity?
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In Lloyd’s performance drive, it may not be as simple as just dropping business because it’s unprofitable.
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The additional $700mn in equity committed by Apollo is a huge vote of confidence in Catalina and the legacy market.
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There are few working in the business of (re)insurance who would turn down an opportunity to have just a little more time on their hands.
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Somehow the appeal of the Lloyd’s market remains even as it bears less and less relation to the underlying reality of the numbers.