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Personnel movement has been high in the PVT class as new capacity enters the market. -
Last year, nearly two-thirds of Lloyd’s syndicates reported a deterioration in combined ratio.
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Settlements relate to aircraft that were blocked from leaving Russia since 2022.
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The broker appointed Hines Associates for a strategic review in December.
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GWP increased 24% year on year at the Asta-managed syndicate.
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Adam Russell most recently held the role of head of strategy for global placement.
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The syndicate’s claims ratio worsened due to an “exceptionally active” hurricane season.
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The syndicate expects £5.8mn-£8.6mn in California wildfire claims.
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Reinsurance made up 12% of the syndicate’s 2024 GWP.
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Cat losses from Helene, Milton and the Oklahoma tornadoes will fall within expectations.
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The market took a higher share of hurricane losses and couldn’t cut its acquisition costs.
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The syndicate expects to book a combined loss of £39mn from hurricanes Helene and Milton.
