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Top line grew across all carriers even as pre-tax profits dipped. -
The move is a retaliation to Howden’s US retail launch.
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The broker has been on an aggressive hiring spree overseen by Lucy Clarke.
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Matthew Budd has over 30 years’ claims experience and previously worked for Talbot and XL.
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The CEO said the carrier will prioritise margin over top-line growth.
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The P&C division booked a combined ratio of 81.1% for the first half of 2025.
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The carrier also reported a slightly improved combined ratio of 94.6%.
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The insurer has substantially expanded its marine team in recent years.
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Layla O’Reilly and Mark Edwards are among the brokers leaving the firm.
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The Hannover Re CEO said rate adequacy remains “attractive” overall.
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Steven Crabb will become deputy chairman on the insurance solutions division.
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