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The SPA’s main capital provider did not give a reason for the decision but the syndicate has not turned an underwriting profit since inception.
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The carrier said its new EUR750mn funds from Covea would help to reduce financing costs. -
Perhaps the biggest question about the facility is why Swiss Re and PartnerRe are backing such a deal now.
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Court rules policy exclusions referring to outdated law not valid.
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The insurer said that stripping out the effects of Covid-19 from counterfactuals would over-indemnify policyholders.
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The reinsurer was launched in September with backing from Helios Investment Partners.
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Agis Kitsikis succeeds Stefan Behr, who has become head of business development for EMEA.
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Existing capacity relationships include those with Aviva and Tokio Marine HCC.
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The week also saw Cinven agree to buy Miller from Willis Towers Watson.
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The sanctions will further complicate the delayed construction of the 2,460 km pipeline between Russia and Germany.
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The new paired entity will allow the company to grow its reinsurance business, starting with a deal covering $10bn of annuities.
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The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers.
