QBE
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Catalina Romero and Iain Bird have been added to the trade credit team.
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Combined ratios have improved as prices rise and investments return to profit.
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The underwriter will report to Kristina Maffit.
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Coppola was also a member of the NA exec management board.
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Shallow will also become joint active underwriter for Syndicate 2999.
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Finan was VP of construction and infrastructure at Marsh.
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The Australian insurer will have $1.7bn of core XOL cover this year.
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The international business grew premiums by 17%.
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The carrier has been hiring after the launch of a new specialty practice.
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The A&H reinsurance underwriter was launched by Peter Wilkins at the end of last year.
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The carrier is rebuilding its energy underwriting team after a number of staff departures.
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Rice has been appointed as senior underwriter and head of business development for Europe.
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Carmen DeSilva will help build out QBE Re’s Bermuda specialty reinsurance business.
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Salvatore Sama has been named global product head for casualty, while Jane Farren has been named global head of financial professional lines.
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Andrew Guarnori joins from Swiss Re, while Ashish Ahluwalia was previously head of reserving.
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RedRiff Agency will underwrite A&H insurance and reinsurance through a Lloyd’s consortium led by Beat 4242.
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The broker said that cat losses were around $950mn in the year to October.
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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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Agarwal joined QBE in 2019, and most recently served as group head of underwriting performance.
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Investigations have revealed more damage than first thought from the July explosion.
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The international unit experienced an average renewal premium rate increase of 9.4% during the first half.
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The carrier said it anticipated central estimate developments of around $180mn, including $40mn of crop adverse development.
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Peter Wilson brings more than 40 years’ experience in the insurance industry.
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The Mexican state-owned oil company has been the source of several large energy claims.
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The carrier has hired Melanie Mason from Liberty Mutual to replace Lisa Wolfe as property underwriting manager in Canada.
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There is stiff competition in the renewables space as carriers look to establish positions in a growth market.
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The executive will work as director of underwriting for the specialty casualty division.
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The Singapore aviation hub is part of a strategic regional focus for the aviation team from Chubb Global Markets.
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QBE Re said it was investing in the business with the creation of three new roles.
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The Net-Zero Insurance Alliance has been urged to overhaul its objectives as the string of high-profile carrier departures continues.
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The firm noted prior-year development on cat events that primarily occurred in late 2022.
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AM Best also affirmed the financial strength rating of A (Excellent) and the long-term ICR of the group.
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Cook will be responsible for building more effective customer and broker relationships and managing strategic partnerships with retrocessionaires.
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The underwriter will be based in southern California and lead global strategy in cyber for the insurer.
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Plus the latest executive moves and all the top news of the week.
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Sir Keith Skeoch takes over from Tim Ingram, who has retired after nine years as chairman.
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The cross-line facility launch – in a generally firm market – suggests that the tech-driven era of facilitisation is continuing to gain pace.
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The facility will be the largest to launch since Aon Client Treaty in 2016.
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The underwriter will work on developing the Bermuda platform and strengthening the global property proposition.
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The deal includes a diversified book of international and NA financial lines, European and NA reinsurance portfolios, and several US discontinued programs.
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The syndicate said that claims were “marginally worse” than expected in 2022, but manageable.
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The result represented a 4.2-point deterioration from previous mid-point forecasts.
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Erica Kofie and David Warr move up in the cyber team.
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The group restructured its aggregate reinsurance protection and simplified the top layers of its main cat treaty.
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The deal regards international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.
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The carrier’s D&I data showed that the mean gender pay gap fell in 2022, although it acknowledged there was more work to do on its ethnicity representation.
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More rain is forecast for Auckland, with three 'heavy rain warning – red' notices issued today.
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Among other promotions, Seb Rice has been appointed commercial head of trade credit.
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The firm’s family-leave policy now allows UK employees to receive 26 weeks at normal basic salary for both paternity and maternity leave and up to 52 weeks of parental leave.
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Based in North America, Julie Wood will lead QBE’s global distribution capabilities.
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In a review of financial services firms’ D&I policies that highlighted shortcomings, the regulator said policies need to be holistic, and not generic.
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The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.
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US transactional liability SVP Toria Lessman will lead the European build-out.
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The insurer’s expected full-year combined ratio is 94% and constant currency GWP growth 10%.
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The claim will add pressure to an already stressed downstream market facing resurgent loss activity.
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The deal follows a decision to withdraw from some direct Irish business.
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The process provides further evidence of larger deal sizes becoming more frequent in the legacy space.
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The OS 35 has P&I coverage in place with QBE’s British Marine, which will shoulder clean-up costs from the incident.
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Bernd Luckey’s appointment comes amid a number of senior moves within the construction market.
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Chris Killourhy joined QBE in June 2015 and has held several roles in the company, including chief actuarial officer and CFO of QBE’s Australia Pacific division.
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Cat claims for the half amounted to $175mn including the impact of the Ukraine conflict.
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The carrier said the movement was driven by unfavourable bond performance and reserve deterioration.
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The carrier is working with the ASIC after a review found evidence of unfair policy pricing.
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Leroy Hobson has more than 25 years’ experience in the surety market, having held head of surety roles at Zurich, Chubb and Aon.
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The company also promoted Jane Farren to vice president of US financial and professional lines and made permanent Tim Barber’s role as general manager for North America.
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The Next Gen platform is expected to be completed in February.
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QBE Re CUO Peter Wilkins will step into the role until a suitable replacement is found, the company said.
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The Australian carrier is pursuing a strategic buildout of its operations on the continent.
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The firm’s exposure to the Ukraine-Russia conflict, as well as a loss portfolio transfer, were confirmed in a performance update.
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A restructure will see a global product leader appointed for all QBE Re’s business lines.
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QBE is targeting strategic growth in its Continental operations with the appointment of Beatriz Valenti.
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The Australian carrier will stop providing cover in the country from 1 July.
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In her new role, she will report Chris Wallace, executive director of UK insurance.
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Current casualty leader Tim Barber will take over the US treaty role on an interim basis.
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All the new appointments are based in London and report to Carly Eveniss, portfolio manager, commercial financial lines.
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The syndicate noted that it was exposed to political violence, political risk and marine classes within Ukraine.
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The carrier is focused on maintaining balance across its portfolio and is growing more in specialty reinsurance than property cat.
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Nigel Cooper most recently held the position of senior construction underwriter, global construction at Travelers.
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The group’s MGA platform Millennial Specialty has also entered a programme administrator agreement with a QBE affiliate.
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The firm’s worldwide cat top layer grew by 75%, but its “top or drop” limit declined 25% and aggregate deductibles increased.
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At a group level, the carrier booked $905mn in cat losses from Uri, Ida, Bernd and Seroja.
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Participants have committed to transition underwriting portfolios to net zero by 2050.
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Tim Pembroke will retire at the end of March after more than 24 years with QBE.
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The reinsurer is expanding its Bermuda presence under the leadership of Tracey Gibbons.
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The carrier has promoted Sebastian Weaver to head of sustainable energies to run the new unit.
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The agreements will see QBE provide capacity over the next three years for Pen’s RMP business in the UK, and its P&C proposition for the hazardous goods and environmental sector.
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Staff movement in the line of business has remained high amid firm market conditions coming into 2022.
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Under the partnership, Evo Surety will be able to issue guarantees up to £750,000 on behalf of QBE.
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Brid Reynolds will be responsible for the oversight and development of risk functions globally.
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Chris Wallace has worked at the Australian carrier since 2008 in several senior positions.
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Steve Manwaring has resigned as manager of the carrier’s European surety operations and has been replaced Tom Johnson, who has been promoted to UK surety manager.
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QBE Europe’s new chief customer officer Andy Besant will report to Cécile Fresneau, managing director for insurance.
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The reinsurer has also appointed Greg van der Made as treaty underwriter and David Cary as underwriting manager.
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Arsonists attacked a chemical warehouse owned by Indian manufacturer UPL last month, amid social unrest in the country.
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Jim Fiore’s responsibilities will be divided between two UK colleagues, sources indicated.
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QBE, Argenta and Blenheim syndicates also plan significant growth to capitalise on market conditions.
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The carrier booked above-budget cat losses of $462mn due to Uri and Australian flooding.
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The underwriter will report to head of product leaders for Europe, Stephanie Cryer.
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The underwriter will be responsible for managing the existing portfolio and pursuing strategic growth.
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The carrier is introducing a tool that allows leaders to "continually understand and check pay and progressions of their teams based on ethnicity and gender".
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The Financial Conduct Authority’s latest release on UK claims data for Covid-related BI losses shows an acceleration of acceptances during June.
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The CEO also laid out QBE’s strategy and urged the market to work together on innovation.
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The facility is the second in South America for the firm, which established a local presence in Argentina in 2016.
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The loss portfolio transfer gave an exit solution to investors in the ILS-backed legacy fund.
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The Australian carrier says catastrophes cost it a net $260mn, 44% above its allowance.
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Trade association research found that women make up only 27% of directors at 31 member companies surveyed.
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The new recruit has worked at Willis Re, Munich Re and Swiss Re during his career.
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The underwriter is a recognised market leader in a number of segments, including builders' risks.
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QBE Re has appointed Attilio Tornetta as head of Africa in a bid to grow its treaty hub for the continent.
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The announcement came after Australian Securities and Investments Commission said it had been investigating insurers’ exposure.
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QBE is said to be a fourth potential bidder.
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Plus the inside story on the Helios Ray crash and all this week’s top news.
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Current group CUO Jason Brown is to leave after almost two decades with the carrier.
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The four major developments of the week include:
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Peel Hunt and Jefferies analysts are reassured by calibre of the outgoing CEO’s internal replacement.
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CUO Adrian Cox will take over as CEO of the London-listed carrier next month, accelerating a move that was widely expected to happen at some point.
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Yosha DeLong will be cyber underwriting head, whilst James Tuplin will be international head of cyber underwriting.
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The carrier reported “significant claims provisions” following the judgement in the FCA BI test case.
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Gross written premiums at the carrier’s North American segment grew by 9% to $4.7bn.
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The former senior AJ Gallagher and IAG executive will take up the role in August, reporting to interim group CEO Richard Pryce.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
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The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
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The mixed ruling delivered by the High Court meant insurers escaped from worst-case loss scenarios.
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Shares in the Australian carrier slumped 12% following the disclosure.
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The new Syndicate 1796 is the conduit for the initiative and is backed by 14 global (re)insurers.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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The Australian carrier takes a A$865mn provision for BI losses following the unfavourable court ruling.
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The carrier will expand 11% across Syndicates 2999 and 386 to manage a combined £1.58bn of capacity.
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The fundamental issue of causation, as well as trends clauses and the Orient Express judgment, will be under scrutiny.
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The executive has worked at Axa XL and legacy XL Catlin since 2011.
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Former international CEO delays retirement to fill top job gap, as Harris takes his role.
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The departure coincides with the exit of CEO Richard Pryce.
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The executive will work alongside outgoing chief Richard Pryce for the next few months.
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The latest estimate is marginally below a previously disclosed $75mn UK BI claims cap.
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Former CEO walks away with only A$310,000 payment after staff complaint.
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The hotly anticipated judgment will be a milestone in the ongoing dispute about how carriers respond to Covid lockdown-related losses.
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The carrier targets liability growth in 2021 as pricing hardens.
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The Australian carrier probably had little choice but to take a hard line over CEO Pat Regan’s communications misstep
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The exit follows an investigation into “workplace communications” reportedly stemming from a complaint within QBE North America.
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Accounting for expected H2 cat losses, the $500mn cover is only $20mn away from triggering.
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The division reported a positive underlying result excluding the pandemic, with rates up 14.8% in London.
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The insurer said the regulator was “reverse engineering” to arrive at the conclusions it wanted in the BI test case.
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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 Australian carrier anticipates a pandemic impact on its underwriting business of $335mn, plus bushfire and hailstorm losses.
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Insurers involved in the Financial Conduct Authority (FCA)’s test case for BI disputes have contested the regulator’s assertion that the Covid-19 outbreak was the proximate cause of insureds’ losses.
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Bushfire losses make up just over 40 percent of the total claims bill.
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An affiliate of e-commerce company Paytm will pay $76mn for the whole of Raheja QBE.
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In robust arguments carriers dispute the causation of losses and the nature of specific wordings.
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The action opens up a new front in the war between disgruntled BI policy holders and carriers.
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The late July High Court hearing will also involve Arch, Argenta and QBE.
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The former A&H president will oversee A&H, aviation, and trade credit and surety under a new specialty unit.
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Carrier notes property policy BI does not usually Covid-19.
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The decision comes after a review of more than 500 policies by law firm Mishcon de Reya.
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It will also bolster its catastrophe reinsurance programme to reduce peak exposures.
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Axa XL global P&C CEO Jason Harris will succeed the divisional chief in the fourth quarter.
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The syndicate reported a £25mn profit for 2019 as it delivered strong investment returns.
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