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Sources said MarshBerry is advising the underwriter. -
Incumbent Oskar Buchauer is stepping down after 27 years.
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Liberty Mutual, Allianz and Aviva previously had their appeals dismissed.
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The exit is by mutual agreement, according to the association.
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The MGA no longer has an FCA licence and was wound up in May.
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The impact on the (re)insurance market has been muted due to its strong capital position.
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The former Lloyd’s CEO is also eligible for a target $5mn annual equity award.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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Underscoring a more competitive market, the structure includes an escalating premium.
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The expansive European broker is targeting Mike Parrish’s team and former McGriff staff.
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Atradius Syndicate 1864 is expected to begin underwriting next year.
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Lloyd’s has confirmed the departure of two senior leaders.
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