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The executive said the firm had to focus time and investment on the most meaningful projects. -
He said that “everyone’s looking for growth”, as the firm has moderated its top line projections.
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The steep reduction in quantum stands to benefit specialty excess of loss reinsurers.
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The transition will take place immediately, with Anthony Baldwin set to leave next month.
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Predicting underwriting conditions for the remainder of the year is ‘challenging’.
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Several underwriters left Hiscox’s property D&F team last year to join MGA Velocity.
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North America is likely to be the most financially impacted by the scenario, Lloyd’s said.
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Ascot Underwriting CEO Ian Thompson, who took the helm last summer, discussed emerging headwinds.
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The London carrier posted an undiscounted combined ratio of 79%, up from 74% in 2023.
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The result is 1.1 points ahead of the midrange of a 6.4%-16.4% forecast.
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Returns on capacity reduced, forecast at 4.4%-14.4%, have settled at 4.6%.
