QBE
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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. -
The syndicate reported a £25mn profit for 2019 as it delivered strong investment returns.
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Combined ratio and investment return targets have been withdrawn due to economic insecurity.
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Dan Moore has been serving in the role on an interim basis since the end of January.
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APRA chairman Wayne Byres tells lawmakers carriers remain sufficiently capitalised to respond to new events.
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Stephen Postlewhite will succeed the executive as managing director.
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CEO Pat Regan said he was confident that rate increases were outstripping claims inflation.
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The “wrap” layer of the product expands to provide a potential $500mn of cover compared with $200mn previously.
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Shares jumped to a four and a half year high following the carrier’s annual results.
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