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There are enough reinsurers with dry powder and increased risk appetite to keep a lid on rate rises. -
Tougher positioning by reinsurers at the 1.1 renewal accelerated the practice of placing business at differentiated terms, Irvan said.
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AmWins also highlighted the continued availability of “cheap” excess capacity from London cyber MGAs.
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Insurers will provide risk management expertise and capacity to aid the global distribution effort.
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The portfolio is mostly made up of third-party liability motor business.
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The partnership will roll out over the next 12 months and will write a range of admitted property and casualty lines.
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Other key hires include Marc Bearman as head of specialty for marine and energy and Andrew Smith as CRO.
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The coronavirus pandemic prompted huge change in a sector already dealing with systemic challenges.
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The consultancy said losses were expected to keep mounting following Q4 disclosures.
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David Gallagher has left his role, after more than 26 years with the business.
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The majority of the $3.1bn reinsurance tower switched to a two-year deal last year.
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Ceding commissions are not falling as reinsurers look to capitalise on insurers' re-underwriting.
