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The carrier said rates were not responding adequately to claims and loss creep.
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The Hannover Re parent says profitability improved across all divisions.
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Any deal would likely see a valuation of more than $8bn placed on PartnerRe.
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The carrier achieves a 2.8 percent price increase on 1 January reinsurance business.
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A London banking source tipped Covea as a suitor for the Bermudian reinsurer.
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The carrier notes an underwhelming industry response at 1 January to recent natural catastrophe losses.
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The new funds raised at 1 January are dedicated to its retro-focused Upsilon fund and its Medici cat bond strategy.
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The reinsurer reports stronger-than-expected January growth but notes the 2019 combined ratio will overshoot its target.
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The carrier reported an underwriting loss of $65.2mn for the quarter, slightly better than in the prior-year period.
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Gross reserves related to the former Tokio Millennium Re book were £160mn in September.
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Carl Titterton has worked at the firm for nearly a decade and replaces Ewa Rose.
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Ian Burford becomes permanent CEO of Fidelis Underwriting Limited.