Pol risk, credit & surety
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Richard Chu joins from PartnerRe, where he was head of financial risks for Asia Pacific.
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Karlsson was previously head of credit and structured risks.
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There is more capacity in the market for long-term risks.
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Marsh Specialty has released its Political Risk Report 2024.
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Last year, the B2B credit InsurTech raised $15mn in Series A fundraising as it looks to continue building its team and expand globally.
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Sources said that with heightened geopolitical risks, pricing is already "much higher" than at any point in the last five years.
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Ablett is currently QBE’s global head of trade credit and surety and has headed up its global credit team since 2018.
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Political violence and risk underwriters have heavily cut back in the region, which remains an important source of premium for marine insurers.
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The underwriter will retain his responsibilities as lead underwriter for credit and political risk.
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Rising counterparty risk from economic slowdown will support prices and growth.
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Mark Jenkins becomes chairman of the global credit and political risk team.
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The repercussions of the war between Russia and Ukraine continue to affect several countries, including Egypt and Somalia, as a result of grain-supply interruptions.
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The underwriter has spent 10 years in Singapore, mainly in broking.
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The report states that in the first months of 2023 as many as 1.5 million person-days were expended on cost-of-living protests in the 10 countries hardest hit.
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The carrier will look to support green energy projects in developing nations.
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The consultancy has outlined the financial guarantees needed from governments and availability of data from Ukraine that will enable insurers to provide risk capacity for the country's recovery.
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The supply-chain finance firm dramatically collapsed in 2021 after its trade credit insurance was pulled.
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Other appointments in the team include Nick Ayres as chairman of global credit and Doug Espenson named as head of US mortgage.
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Argo has also hired former RLI surety head Greg Chilson as an adviser.
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The number of global firms surveyed in WTW’s report that purchased political risk cover surged to 68% in 2022 from 25% in 2019, as the Ukraine war changed the geopolitical outlook.
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The deal involved the use of a non-payment credit insurance policy covering exposure on a GuarantCo portfolio transaction.
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Two of the most-exposed segments to the war have experienced very different years, with sweeping PV changes contrasting to more stable conditions in parts of the aviation sector.
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Topics discussed included Caribbean cat risk, protests in Peru, crisis in Argentina and the World Cup.
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Capacity stands at near-record levels for structured credit and political risk, despite key risks such as China’s zero-Covid policy, the Russia-Ukraine conflict and a difficult month of reinsurance renewals.
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The expected results are a result of the unusually low levels of insolvency and subsequent claims frequency.
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The Cayman Islands-headquartered reinsurer held a 49% stake in the Mexican firm, according to its 2021 annual report.
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Dover and Nersessian-Hristova’s appointments mark the first expansion of Convex US since its launch earlier this year.
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Based in New York, Greer is responsible for leading the surety reinsurance efforts in the United States, Canada and Puerto Rico.
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The broker said Ukraine will fall into a deep recession this year following Russia’s invasion.
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The Ukraine loss reserve tally has reached $2.4bn as of the end of June.
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Carriers in the class are reassessing risk appetites amid inflation, the Ukraine war and a growing risk of countries defaulting on sovereign debt.
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QBE Europe’s UK surety manager Tom Johnson is leaving the company and looks set to join Chubb, Insurance Insider can reveal.
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Perry will be based in London and report to Nick Robson, global leader, credit specialties.
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The carrier has also promoted Srdjan Todorovic to lead its global political violence operation.
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The broker’s political risk report has highlighted the competing interests between countries for ownership of untapped natural resources and space exploration.
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The deal marks Xenia’s ninth acquisition in three years and kicks off its international expansion plans.
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Sources have also said capacity is reaching its limit as the appetite to large credit and political risk polices decreases.
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Reuters reported that if a foreign lessor terminates the agreement, a special government commission is to decide whether the aircraft can be returned.
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The analytics firm warned of retaliatory attacks on banking and financial services, IT services, ISPs, shipping and logistics, and public utility companies.
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The London market is understood to be significantly more exposed to Russian business than Ukrainian.
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Those writing large energy or infrastructure risks, such as London market insurers or international reinsurers, will be most affected by the war, the ratings agency warned.
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Despite an increased risk environment, capacity has increased for political risks, trade risks political, trade risks commercial and non-trade insurance, the broker said.
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However, underwriting criteria has “tightened” as a result of unpredictability over company finances and previous loss activity.
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Client director Martyn Locke will transfer to Xenia as part of the deal.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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The executive replaces Kade Spears in the role.
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New rules for short-term export credit insurance will apply from 1 January 2022.
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Prior to joining Markel, Robert O’Connor-Mitchell spent nearly 12 years at trade credit insurance and surety firm Euler Hermes.
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Leadership will remain in place at the Northampton-based broker following the transaction.
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The transaction marks Xenia’s sixth acquisition to date.
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Blenheim Underwriting has recruited Tamsin Plumptre and Ed Fox as underwriters to its political risk team, as the carrier looks to continue expanding its political risk proposition.
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The specialist political and credit risk broker BPL collaborated with Euler using an API provided by Whitespace.
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The regulator said firms should undertake a “holistic assessment” of the associated financial risks involved with trade credit finance.
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Dane Mahoney, who has been with Axa XL since 2013, will lead a team of global risk analysts and develop the global underwriting strategy.
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Benjamin Faubert will write a combination of credit and political risk insurance for clients in the EEA region.
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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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The new hire joins from Axis’ capital risk solutions team.
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The broker is looking to expand its footprint in a market where credit insurance policies and banks’ credit risk methods are converging.
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The collapse of the supply chain finance business was prompted by the removal of its trade credit cover.
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The carrier has also promoted internally for a new leader of its US political risk, credit and bond team as it continues to staff up the division.
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Funding from the UK and Germany will support early action and the managing of disaster risks in less wealthy countries.
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The advisory firm’s appointment cements plans for a global political risk, surety and trade credit business.
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The firm is working with Canaccord Genuity to explore options for the business.
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The Japanese carrier seeks to allay fears of higher-than-indicated losses arising from the collapse of the supply chain financier.
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The division will have a maximum capacity of $50mn for any one risk, with up to $250mn of syndicated capacity via the US.
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The Australian carrier says the sale of its stake in MGA BCC to Tokio Marine eliminated its exposure to the supply chain financier.
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Chancellor Rishi Sunak announces the extension in his budget.
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The move follows the departure of two senior PV specialists to ERS.
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A report suggests the UK government is rethinking its opposition to a state-backed scheme.
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The move is a response to US sanctions which previously brought construction on the Russia to Europe project to a halt.
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The move is a response to US sanctions which previously brought construction on the Russia to Europe project to a halt.
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The agreement will initially focus on political risk and trade credit, energy and property business, with up to $25mn of capacity per risk.
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The body said that government-backed insurance schemes are not always the answer and are complex to establish.
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Insurers are taking a “cautious approach”, especially with new risks, but overall capacity is at an all-time high.
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The Convex CEO reiterates his prediction of a potential $200bn casualty-reserving deficit and anticipates a similar amount of Covid claims.
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Deployed capacity is recovering and claims were below expectations but ending government support could negatively hit the market.
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Plus a mixed week for Lloyd’s, the asbestos potential of Covid-19 claims and a round-up of our most-read stories from the week.
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A regulator-mandated restructuring of the relationship between managing agents and the Brussels hub will, however, add cost.
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Insider Deborah Wyatt takes his place, while Neil Edwards assumes the deputy head role.
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Sources warn further unrest is possible and anticipate rising demand for SRCC and even full political violence cover.
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The recruit will work as a senior underwriter and look to drive growth in the line of business.
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The missive adds to the patchwork of arrangements emerging for existing policies across the 27-nation EU.
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The broker’s 1st View report also finds hardening in the engineering market and increased appetite for quota share within marine.
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Germany is among other jurisdictions to have prolonged the life of similar schemes.
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The Lloyd’s CEO said it was not for business to set the tone on climate, as the Corporation laid out its first ESG report.
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The regulator says that the insurance sector had remained resilient this year but faced ongoing threats.
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Other listed insurers lose ground in London trading.
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Sandy Warne will report to former Lexington chief George Stratts at the Lloyd’s start-up.
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Wrangling over the award of Petroecuador’s 2021 cover has left reinsurers unsure of which primary carrier and broker to back.
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Patchwork provisions for entities without EU authorisations have largely fallen away during the UK’s protracted divorce.
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The CII, Liiba and others are lobbying hard to have awards such as the ACII recognised in Europe.
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Steven Kent, who worked at the carrier for just under five years, has joined GFG Alliance as CUO.
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The ruling will follow a final, uncontested court hearing on Wednesday.
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The sanctions will further complicate the delayed construction of the 2,460 km pipeline between Russia and Germany.
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The executive has worked at Axa XL and legacy XL Catlin since 2011.
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Former Ryan Specialty Group and AIG executives join Nexus to lead the alliance.
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The scheme currently expires at year end.
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Ed Arghand and James Morrell will report to former Neon specialty head Nick Robinson.
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The executive will lead the trade credit broker’s establishment as a separate business.
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The newcomer will work alongside his RFIB counterpart to fuse the two operations’ trade credit businesses.
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Protest losses, which were covered under its property programme, came to around $100mn, leading some carriers to exclude the cover.
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The London D&F market is expecting minimal exposure, but there is also potential for political violence and trade credit losses, sources said.
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Aviation, oil and gas and tourism were the biggest sectors of concern for structured credit and political risk insurers.
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It will initially provide credit and political risk solutions, though there are plans to expand the offering.
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The insurer says it’s not appropriate to claim government financial assistance on what is an “established and core product”.
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Euler Hermes, Coface and Atradius are also participating in the scheme, which has had formal approval from the European Commission.
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The executive joined as an underwriter in 2017 and has a banking background.
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Chubb’s former European head of political risk and credit will co-lead the unit alongside Navaid Farooq.
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James Burgess moves to the role from a London and South East regional position.
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There has been a spate of claims in the cannabis insurance market after riots and looting broke out in many US cities earlier this month, according to broking sources.
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Consultation on amount of premium ceded and how much liability the state will shoulder has caused delays.
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The trade credit insurer says work to develop an Irish trade credit backstop is progressing too slowly.
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The newly launched London team will collaborate with peer line specialists in Stockholm.
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The US carrier hands 600 in-force surety bonds to the Fairfax unit.
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ABI and Atradius welcome nine-month reinsurance scheme.
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The government would reportedly pay the first 20 percent of losses.
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Curfews were imposed in 40 cities with National Guard being deployed in 15 states and Washington DC.
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Rioters in Minneapolis defy military imposed curfew.
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The executive switches to broking after working at Hiscox for nearly 12 years.
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The Netherlands joins Germany and France as countries which have backstops in place.
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Details of the scheme, which is slated to run until the end of the year, are yet to be determined.
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Euler Hermes, Atradius and Coface collaborate with state agency Export Development Canada.
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There is concern that Covid-19 could cause political instability in stressed areas and lead to losses.
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Consolidated earnings fall 21 percent but the underwriting ratio of the open market business improves.
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The trade credit insurer plans to reduce or remove credit limits in the absence of a deal with the government.
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Available reinsurance capital could shrink in the line, which does not exclude pandemics, the broker notes.
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Within specialty, political risk is the sole line tipped for increased premiums.
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The ABI has submitted a proposal to ministers designed to keep the market open.
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The business will be integrated into Credit Risk Solutions, which was acquired in 2017.
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The ratings agency maintains a stable outlook for rivals Euler Hermes and ICIC.
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Enforced pay-outs for pandemic losses risk carrier insolvencies but certain compromises look politic.
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The trade credit insurer experienced fewer large claims last year.
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Loeiz Limon-Duparcmeur replaces Chantal Schumacher, who moves to a role at parent Allianz.
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The reclassification of the mutual places the terror cover backstop’s future operational and financial independence in doubt.
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Capacity in the credit and political risk insurance market has neared record levels in 2020, the broker said.
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The trade credit InsurTech aims to insure around 20,000 businesses by the end of the year.
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Brit underwriter Tom Gardner joins former Nexus divisional head James Steele-Perkins at the Lloyd’s business.
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Carl Titterton has worked at the firm for nearly a decade and replaces Ewa Rose.
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Large limits, multi-year exposures and huge volatility evoke the company Duperreault inherited.
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Raoul Carlos will lead the specialty “centre of excellence”, with the MGA platform also creating two other dedicated hubs.
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A wave of protests last year led to widespread looting and destruction.
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The Nexus unit will write trade credit risk in the US on a fully admitted basis.
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Willis Re report shows reinsurers reacting to Boeing incidents and ILS lock-up.
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Claire Kennett will be an underwriter of trade and political risk and report to Crispin Hodges.
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Major transactions are being stalled by macroeconomic and geopolitical uncertainty.
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The new operation plans to expand its team to around six people in the next year.
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A protest movement started by Chilean schoolgirls has taken the market by surprise.
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ATI counts 16 African nations and the European Investment Bank among its shareholders.
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The French MGA adds credit and surety, cyber, space and A&H to its remit with the deal.
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Per-occurrence wordings on some property policies mean riots could be classed as multiple single events, leading to repeated primary layer hits.
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Suramericana is facing at least $150mn in claims from civil unrest in Chile over the last six weeks, the company has confirmed.
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Ewa Rose will become managing director of credit in Aon Reinsurance Solutions’ credit and financial risks team at the start of next year.
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The retailer’s QBE-led political risk programme faces record claims.
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The new political risk product focuses on foreign direct investors in higher risk markets.
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Walmart is reported to have sustained about $500mn in damage from the riots.
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The operation comprises a book inherited from the AmTrust at Lloyd’s takeover.
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Underwriters could push for higher premiums after renewed violence in Middle Eastern waters.
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The mutual will transfer the financial risks book written from Zurich to one of three alternative European bases.
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As school children the world over were gripped by acute eco-anxiety last week, it was encouraging to learn that chief risk officers (CROs) are sanguine about another existential issue that is similarly playing out way above their heads: Brexit.
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Edward Moeller has returned to the market after a stint with the federal government.
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Marsh-JLT trade credit partner Rob Downey has retired, the latest in a string of trade credit and political risk exits from the broking giant.
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The senior underwriter will report to head of crisis management Chris King.
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The former MI6 chief says Lloyd’s Brussels was “nice publicity but not essential”.
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Stephen Catlin and Paul Brand’s start-up continues to build out with arrival of the segment leader from StarStone.
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The GB corporate broking chief cites nationalism as the most worrying trend.
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Paul Kunzer will become the head of a new trade credit multi-buyer and excess of loss operation after 19 years at AIG.
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The vehicle is underpinned by analytics developed in conjunction with Oxford Analytica.
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The broker’s Marketplace Realities report foresees property and marine rates rising as much as 15 percent, and energy lines jumping up to 20 percent.
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AM Best has put the AmTrust subsidiary's financial strength rating under review with positive implications following the sale announcement.
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This is the fourth consecutive year that claims have exceeded $6bn, according to the Berne Union.
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The vehicle will have 100 percent Lloyd’s capacity with MS Amlin as a partner.
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Regulatory initiatives on both sides of the post-Brexit border have eased contract continuity worries, the ratings agency notes.
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Spain, UK and US all become riskier places to do business, according to the broker's annual index.
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Eiopa’s long-awaited pronouncement on matters Brexit yesterday falls short of erasing all the question marks for the insurance industry.
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The reinsurer will become the first scheme of its kind to offer non-damage business interruption cover.
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Dual is to expand its political violence team.
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The investor says political worries are reducing new-business approaches.
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Lloyd’s management has joined the long list of absentees from the annual Alpine talking shop at Davos.
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The three-year grace period for servicing run-off books compares with leeway of up to 15 years under the equivalent UK scheme.
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The accountancy firm and consultancy finds most poll participants have concerns about business partners’ preparations.
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It’s easy sometimes to dismiss the growing relevance of emerging economies for the (re)insurance market.
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Tuesday’s House of Commons vote on Prime Minister Theresa May’s EU withdrawal agreement was both utterly predictable and surprisingly unsettling.
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Survey respondents also cited US-China tensions and cyber attacks as key risks.
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An extension to the Article 50 Brexit deadline “would be a welcome solution for the sake of certainty”, Biba said.
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New regulation threatens telematics-linked insurance products, industry body says.
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The program manager and legacy transactions company forges an alliance with Kitsune.
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The regulatory investigation relates to coverage provided under a group insurance policy issued to the NRA.
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If you are reading this from the UK or Europe, it is likely that your political attention the last few weeks has homed-in on certain rumblings in that peculiar part of central London where reality recently seems to have become a relative concept.
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A strong balance sheet, neutral business profile and support from its parent group contributed to the rating.
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The Thierry Derez-led mutual declines to renew a portion of a $1.8bn-limit property catastrophe excess of loss treaty via Lloyd’s Brussels.
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The Hong Kong insurance regulator marshals the sector to respond to the Chinese government’s infrastructure investment programme.
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Parades of partners filing out of the Big Four accountancy firms after inappropriate behaviour, a visionary retailer whose signature greeting is a hug if you’re lucky – or a gentle nibble on the ear lobe if you’re not, an even bigger rag-trade titan named in the UK parliament.
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The European carriers’ Chinese expansion coincides with a relaxation of financial sector ownership rules.
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The change comes as more firms seek trade credit cover as demand increases owing to economic uncertainty.
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Policymakers should take their cue from third-country market access arrangements elsewhere in financial services, says industry body CEO.
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The transfer to Luxembourg includes mainland European commercial policies written in London.
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AM Best has also downgraded Merced to F after the company was "overwhelmed" by wildfire claims.
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The 7.0 magnitude quake damaged almost 50 roads and bridges
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The carrier gained regulatory permission to set up the Brexit subsidiary in October.
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The entity is the first to be authorised as a captive insurance manager by the Abu Dhabi regulator.
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There has been an outbreak of common sense in mainland Europe.
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Regulatory claims against directors are on the rise as cyber dominates companies’ fears, a Willis report finds.
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The move will cost the carrier almost $114mn in gross written premiums.
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The expansion comes after the MGA gained backing last year from Preservation Capital.
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France, like Germany, is planning to legislate to ensure existing policy holders will be able to receive claims as a backstop arrangement.
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The move would relieve the contract continuity conundrum for UK carriers operating through German branches after Brexit.
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The ratings agency noted Citadel’s worsening losses and reserve development.
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The carriers’ aggregate Solvency II ratio lags behind many European peers but is well above the floor level, the ratings agency said.
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Our smart friends at Litmus Analysis recently wrote a blog that got us thinking.
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The carrier predicts an underwriting result of 1 percent of net earned premiums in 2019 and 2020.
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Changes to the definition of default could hamper insurers and derail debt restructuring efforts.
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Just a few months ago, senior Lloyd’s executives including chief commercial officer Vincent Vandendael and general counsel Peter Spires were racing round Brussels in a van scouting out locations for their Brexit hub. There was no radio blaring nor snacking on junk food behind the wheel.
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UK cabinet resignations add to expectations that the withdrawal blueprint will fail to garner sufficient domestic support.
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The regulator wants to introduce a flat fee for Part VII transfers.
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The chairman expects to expand, rather than merely safeguard, EEA premium through its new Brussels platform.
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Carnegie-Brown says the platform is already processing European risks.
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The Virginia carrier’s Brexit planning progresses following the authorisation in July of its Munich company.
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The facility will offer $100mn of cover.
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Claims in Venezuela and Turkey hit carriers.
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The Corporation claims FCA support for its decision to risk the wrath of EEA regulators.
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The line increase comes after the carrier bolstered its political violence capacity last month.
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Oxford Analytica research conducted on behalf of the broker finds close to half the companies surveyed had sustained a loss of more than $100mn.
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The Channel Syndicate provides capacity to underwrite the SME invoice protection product.
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Jared Kotler joins the carrier from Validus to head up the division.
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Currency collapse sends ripples through political risk market
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Coverage for litigation costs associated with intangible assets presents an opportunity for insurersCoverage has been available for 30 years or so, yet the market has been slow to develop.
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The carrier’s new wordings will be written on both Lloyd’s and company market paper.
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The exit follows others from the firm’s London market terrorism practice since the beginning of the year.
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The carrier makes its first venture into whole turnover trade credit.
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Gregory King-Underwood will take over from John Orchard, who is leaving the business.
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Luc Reuter takes the position after spending six years in a similar role at Chubb.
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MGM lawsuit against shooting victims asserts exemption under anti-terror act.
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The struggling retailer insists that no carrier has pulled cover altogether from its suppliers.
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The executive joins from Guy Carpenter.
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The prime minister has sacrificed the UK’s vibrant services sector, which accounts for 80% of the economy.
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They have taken over the lead of the US facility from Beazley and XL Catlin, this publication can reveal.
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The agreement includes a distribution deal for Chubb to market surety products to Citibanamex commercial customers.
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$71mn of claims were paid in the first quarter of this year, according to ABI data collated from nine carriers.
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The Counter-Terrorism and Border Security Bill will amend existing laws including the Reinsurance (Acts of Terrorism) Act of 1993.
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Auto Terror Protect arrives as the insurance sector rethinks liability for such attacks.
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Former AmTrust senior underwriter Tom White joins the MGA platform.
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A region whose rules are in constant flux means companies potentially face heavier compliance and litigation costs.
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The Dublin hub will allow the company to continue its EU business post-Brexit.
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Private equity-backed broker continues its transformation with the launch of a political risk team.
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Patricia Mills of Chaucer soars to third place in the second edition of The Insurance Insider's survey
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Street-beating earnings of $1.69 a share driven by mortgage segment gains.
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German carrier Allianz will squeeze out remaining shareholders in Paris-listed Euler Hermes and delist the trade credit insurer on Friday (27 April).
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The London market has placed the first political risk policy through electronic placement system Placing Platform Limited (PPL).
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Insurers with significant terrorism risks must focus on stress testing, limits management and reinsurance as the possible expiration of the Terrorism Risk Insurance Program Reauthorization Act (Tripra) looms, AM Best said in a report today.
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Cargill's credit insurers had no losses after the bankruptcy of the International Bank of Azerbaijan (IBA) last year, The Insurance Insider understands.
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Swiss Re has restructured its specialty reinsurance management structure, reducing the number of divisions from five to two, The Insurance Insider can reveal.
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Markel has split its trade credit operation into three sub-divisions.
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Five trade credit brokers are set to leave Marsh in Manchester and Birmingham, The Insurance Insider understands.
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Private equity-backed London market broker Parker Norfolk and Partners has lured Peter Dalton, the chief risk officer of Besso, to its team, The Insurance Insider understands.
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UK trade credit claims rose by 7 percent in 2017 to £225mn ($314.3mn), the most since the height of the recession in 2009, Association of British Insurers (ABI) data shows.
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Barclays has brought the trade credit MGA Nimbla into its accelerator, investing $120,000 in the InsurTech business.
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CNA Hardy is proposing to withdraw from political risk following a review of its portfolio, The Insurance Insider can reveal.
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Global credit and political risk insurance capacity has increased by nearly a third since 2015, with the market increasingly willing to take on financial risks without trade collateral.
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An oil pipeline that passes through Turkey has been hit by a terrorist attack that looks set to cost insurers between $30mn and $50mn, The Insurance Insider can reveal.
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Liberty Specialty Markets (LSM) is to launch a new e-commerce platform for specialist trade credit insurance.
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StarStone has added Andrew Summers, a political risk underwriter at ArgoGlobal, to its newly formed crisis management division.
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Everest Insurance has confirmed the hire of Paul Sanders from Aspen as head of European credit and political risk.
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Miller has expanded its Asian operation with the hire of two senior executives in Singapore.
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Lillian Labbat has joined Zurich North America as head of trade credit and political risk.
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Talbot will have to cease underwriting UK terrorism cover after parent company Validus' takeover by AIG since the acquirer is a member of Pool Re.
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UK trade credit insurance losses from the collapse of contractor Carillion are estimated at £31mn ($44.2mn), according to the Association of British Insurers.
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Lloyd's is in the early stages of exploring using insurance-linked securities (ILS) protection to provide cover for its Central Fund, sister publication Trading Risk has reported
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Insurance-linked securities managers have reduced their estimates of losses taken from the August and September hurricanes, according to the Eurekahedge ILS Advisers Index.
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A group of sidecars tracked by sister title Trading Risk lost 10.5 percent of investors' capital on average after Harvey, Irma and Maria, according to regulatory filings from the Stone Ridge and Pioneer Interval funds.
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The implosion of Carillion is likely to add further losses to UK trade credit underwriters already reeling from the collapse of wholesaler Palmer & Harvey and airline Monarch.
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Validus Re CEO Kean Driscoll has told counterparties that the reinsurance platform will have room to significantly expand under AIG ownership
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The Catco Reinsurance Opportunities Fund missed its expected result for 2017 after posting a 27.6 percent loss for the year following claims deterioration from the October wildfires in California.
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Canopius has added $50mn to its political risk and contract frustration capacity, as it aims to establish itself as a lead market in the class, The Insurance Insider understands.
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Argo Group has renewed its Harambee Re sidecar for 2018 but did not reveal its size
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