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Primary rates move before reinsurance, cedes fall in a hard market and cat is subsidised by casualty. -
The underwriter’s exit comes after the reinsurer added Jill Beggs from Munich Re last week, and promoted Peter Bell to be its new CEO in Bermuda in July.
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Review of quarterly financial updates released so far shows Bermudian carriers wearing major losses.
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The top 21 reinsurers were rated positive on just 9% of factors overall.
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The ratings agency said that the deal would increase diversification but heighten catastrophe exposure.
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Plus the latest impact of cat activity on reinsurer results and all the top news from the week.
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The new operation, labelled ‘the forum’ will be a trading hub for Fidelis and its MGA platform, Pine Walk Capital
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Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.
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Engaging with the French mutual as an M&A counterparty represents a high-risk strategy for Exor.
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The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.
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The carrier will continue to write the business from Bermuda and the US.
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The carrier will also continue with plans to expand in Asia.
