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A new UK CEO for the trade credit insurer will be announced at a later date. -
The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The insurer acknowledged additional claims in 2025 would be “reasonably possible”.
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Reinsurers on portfolios with longer-tail liabilities may withdraw.
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The CMC will categorise cyber events that have a potential financial impact of £100mn+.
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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.
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Single-digit organic growth, robust casualty pricing and tapering margins were all key trends.
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The carrier reported cat price reductions of 5.4% at the January renewals.
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The specialty insurer reported favorable developments in both its insurance and reinsurance segments.
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The carrier has been reducing its presence in the state since 2007.
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The carrier’s Eaton Fire loss would be a retained net loss hit.
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The carrier reported expansion in financial lines and marine.
