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The carrier’s combined ratio worsened by 9.9 points to 98.6 percent although it reported better-than-expected results. -
The Floridian insurer said previous reinsurance rates were not sustainable for its partners.
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Britt Reiss joins as Bermuda partner and director.
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The insurer added $121mn to its catastrophe treaty, covering it for up to $5bn of losses.
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CEO Jean-Jacques Henchoz highlights structured reinsurance as an area of brisk demand.
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Operating profit within the P&C reinsurance division falls 8.9 percent in the quarter.
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Shares in the carrier rise close to 8 percent in early trading after it prices the placing at a modest 6.1 percent discount.
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Sharry Tibbitt moves into the role from her current post as vice president of treaty underwriting.
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The carrier’s solvency ratio falls 65 points to 367 percent.
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The unit’s former chief will work alongside current CEO Chris Beazley.
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Jeffrey Ryan joins effective immediately, and will report to specialty CEO Greg Haft.
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The index recorded its first monthly gain of the year so far while some carriers announced their estimates for Q1 Covid-19-related losses.
