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The carrier’s estimated pre-tax losses from Milton are $65mn to $110mn. -
The broker said Europeans are pushing hard for rate or attachment point relief.
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The broker expanded margins and grew earnings per share by 17% during the quarter.
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Beazley leads the first $100mn layer of the programme, while Tokio Marine HCC leads the second on the Alesco-placed cover.
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The marine underwriter said the business had grown through taking “very big positions” on programmes.
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Bullying and sexual harassment were the most commonly reported incidents.
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How do you build a $400mn MGA? Navium Marine CEO Clive Washbourn told Behind the Headlines that his business is a "fighter jet" out hunting for deals. Navium has built scale by taking on risk "in a fairly aggressive way" with large line sizes available to deploy. Whilst the marine market is now coming under pressure, Washbourn still thinks there is "robustness" in rating, although making money in the volatile Red Sea war market is challenging.
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More broadly, the firm is looking at over 100 potential mergers in its pipeline, with ~$1.5bn acquired revenue.
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The underwriter resigned last year and had been due to launch a renewables book at Globe Underwriting.
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Overall, insurance rates fell by 1%, led by competition in property.
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The vehicle will leverage global reinsurance market capacity in the event of a natural disaster.
