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Higher cat losses and more casualty reserving could bring profits below 2023 high-point. -
Syndicate 3705 will begin underwriting on 1 January 2025.
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The company has exited some transactional liability and commercial D&O business.
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Lower inflation and a softer market outlook tempered aggregate growth expectations.
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The index is a three-year strategic project to track social inflation by analysing personal injury awards.
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The carrier is seen as a likely target of Lloyd’s ‘Big Game Hunting’ strategy.
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The Lloyd’s (re)insurer is looking to execute a five-year plan to double GWP to $3bn.
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The broker facility is led by Beazley’s Smart Tracker Syndicate.
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The Corporation is set to monitor commission structures and facility participation.
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Lloyd’s has taken around 6% of aggregate US hurricane losses in recent years, and disclosed estimated net losses from Helene and Milton of $1.8bn to $3.4bn.
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The Lloyd’s market chief stressed the need to grow into new classes and took aim at DA management.
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Cyber is more in the one- or two-year loss development camp, the Lloyd’s CUO said.
