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The syndicate achieved a profit despite a “relatively heavy” catastrophe year. -
The broker has promoted Oriol Gaspa Rebull to global head of analytics strategy.
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The broker said that businesses not investing in AI capabilities would be left behind.
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Instead, the reinsurer plans to write more casualty business through its innovations book.
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Ki cut its top line by 8.7%, while Beazley’s smart-tracker expanded to $481mn.
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Results were impacted by prior year reserving and an unwind of intragroup reinsurance recoveries.
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Most of the market’s largest syndicates kept their CoRs below 90% as prices remained adequate.
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Ahead of the deal, Ergo owned a 29% stake in Next, which generated top line of $548mn last year.
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The executive said the market would be updated on progress in late April.
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MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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Price Forbes operations in Miami, Chile and Peru will report to Mulic.
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The carrier has moved to hire in the fine art and specie line after the exit of Mark Benbow.
