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The broker says the solvency and capital impacts of the Covid-19 rout have eased.
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Howard and Harrison have wrested the London piece of the account from Guy Carpenter. -
The broker reports 25-50 percent rate growth in contingency following huge losses.
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The move follows repeated years of underwriting losses for Syndicate 5151.
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The Allied World and Brit parent draws down $1.8bn from a credit facility to support its (re)insurance operations.
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The UK reinsurance managing director exits after three decades.
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It will also bolster its catastrophe reinsurance programme to reduce peak exposures.
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Multiple broking sources believe the breadth of the Hiscox wording means all BI claims are covered.
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The Lloyd’s CEO insists that the impact of the virus is an earnings not a solvency event.
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The ratings agency estimates end-March ratios at between 190 and 200 percent.
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Pressure mounts on carriers to withhold payments but regulatory messages are mixed.
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Munich Re has also temporarily stopped underwriting Jetty policies.
