Swiss Re
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Anthony Norfolk joins from Swiss Re, where he was a senior engineering underwriter. -
Philip Ryan and Sir Paul Tucker will not stand for re-election.
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The executive has been with the firm for 27 years.
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Aggregates that are featuring in the reinsurance market are not the low-attaching ones of prior years, he added.
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The P&C re unit will target a combined ratio below 85%.
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It estimated insured losses from nat cats on track to exceed $135bn in 2024.
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This year’s top-line growth will be a decade-high.
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The market grew at a rate of 32% annually from 2017 to 2022.
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The additions included significant reserve bolstering for recent year portfolios 2021-2023.
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The stock price rose as analysts declared the L&H reserving review better than feared.
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The market reacted to the $2.4bn charge in a positive light.
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The company said it is still on target to achieve $3bn net income for the full year.
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