Sompo
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The carrier booked higher natural catastrophes and loss deterioration on its crop book. -
The move comes as the carrier retreats from Lloyd’s to operate under a single company market platform.
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Warren Diogo will head up the London-based team and focus on wind and solar risks.
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The funding comes ahead of an expected IPO for the Silicon Valley company.
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The parent group predicts a 14bn yen ($130mn) impact in the 2020/21 year from Covid-19, rising to 30bn yen in a worst-case scenario.
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The partnership will initially offer traditional crop insurance products and then expand.
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Ismael Lopez takes over from Junji Hisano, who has moved to the post of chief client officer.
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The underwriter spent 19 years at Chubb writing biotechnology and life sciences business.
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The executive replaces Stephen Young, who has resigned to pursue other interests.
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Group profits slip back due to cat loss reserve strengthening.
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The executive will replace Graham Evans, who is to leave after seven years.
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David Carter has 30 years of industry experience and has worked at Travelers and The Hartford.
