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The cover gives construction companies cyber liability insurance.
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The losses equate to just under 5.2 percent of shareholders’ equity of $2.42bn.
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Syndicate 2468 is also expected to make around 30 redundancies as part of a company-wide consultation. -
After six months, the Corporation is yet to find a regional director.
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The syndicate has gained clearance from market management to write business next year.
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Analysis supports market commentary that after a trend of more centralised reinsurance buying, cedants are now buying more reinsurance.
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The SPA will reinsure a book of business from Apollo’s Syndicate 1969.
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ERS will have to put up an additional £23mn of capital to support underwriting.
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Approvals broadly come with income reductions and capital loadings.
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A work-around under investigation could provide for the full gamut of treaty reinsurance from the Brussels platform from as early as next year.
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Business could be relaunched in the company market.
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In Lloyd’s performance drive, it may not be as simple as just dropping business because it’s unprofitable.
