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The company did not take questions on its recently announced business review. -
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Brokers and insurers must obtain informed consent from clients for the commissions.
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A new UK CEO for the trade credit insurer will be announced at a later date.
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The insurer acknowledged additional claims in 2025 would be “reasonably possible”.
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Reinsurers on portfolios with longer-tail liabilities may withdraw.
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Probitas is set to grow by around 40% this year.
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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.
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Single-digit organic growth, robust casualty pricing and tapering margins were all key trends.
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The carrier reported cat price reductions of 5.4% at the January renewals.
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The specialty insurer reported favorable developments in both its insurance and reinsurance segments.
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The board will lead the review following feedback from shareholders including activist investor Jana.
