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The company bolstered casualty reserves by $18mn, mostly from discontinued lines. -
The move will impact around $50mn of gross written premiums in total.
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The carrier’s overall P&C combined ratio improved 1.8 points to 91.2%.
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The Swiss carrier improved its P&C combined ratio by 1.2 points to 92.4%.
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Cat losses of $1.5mn, net of reinsurance, were primarily due to severe convective storms.
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This publication reported yesterday that Talanx was closing in on the sale.
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The loss was driven by nat cats and reserve adjustments in US casualty.
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Emerging lawsuits and expanding loss triggers are giving rise to potential claims under a range of policies.
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Prior-year reserve development moved to a $6.3mn charge in Q2 from a $19.3mn release a year ago.
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With roughly 200 employees, the South American operations generated over EUR130mn in 2024 GWP.
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The executive has spent more than three decades in insurance.
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The company has also expanded its relationships with US and UK MGAs.
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