Reinsurance
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The carrier said market dynamics were shifting due to increased capacity. -
This brings the carrier’s total limit on the program to $1.8bn.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
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The facility was previously for commercial risk clients.
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The broker has recruited from its rival as it looks to launch Willis Re 2.0.
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The reduced fine reflected the PRA view that the breaches weren’t deliberate.
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Wind season remains an important variable, but also might not change current dynamics significantly.
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The reinsurance unit’s combined ratio for the quarter was 94.2%.
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Improved book value, a healthy CoR and disciplined underwriting mark the CEO’s time at the helm.
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CFO Christoph Jurecka will succeed as management board chair.
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