WR Berkley
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He spent most of his career at Talbot, bar a stint at Lloyd’s.
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The firms say no “single aggregating event” caused the contingency losses.
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Strong reinsurance results have absorbed long-tail reserve charges.
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The syndicate is suing its reinsurers to cover Covid-19-related claims in California, Colorado, Florida, Illinois, Nevada, New York and the UK.
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Speaking on the company's Q4 conference call, the executive said the market should not assume that WRB will become a heavy cat-exposed writer.
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The CEO noted that the company can participate in the property cat reinsurance market three out of every 10 to 12 years, given its approach to that class.
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WRB’s head of political lines Sundeep Daddar and PV underwriter Luke Bennett are to leave the company as a result of the exit.
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The incoming senior property underwriter will be reunited with former MS Amlin colleague Dan Black.
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Hastings will assume his new role at the end of February 2022.
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Hiscox’s John Naughton is moving to WRB Underwriting to lead its London-based product recall team, and is expected to join in the new year, this publication understands.
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David Chalk and Richard Ogoe have cumulatively spent around 16 years at WR Berkley.
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The recruit will become president of the UK reinsurance operation, before moving to CEO by the end of the year.
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The carrier is splitting the CEO and CUO roles at its Lloyd’s managing agency, with Blades continuing as CUO.
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Berkley has said it will offer 100% reinsurance protection for clients, or will happily share risk with cedants.
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Rate acceleration, frequency benefits and less-than-feared top line pressure were among the takeaways from US disclosures.
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Marijuana dispensaries in cities including Chicago, Philadelphia, Boston and Los Angeles were among the targets.
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Chubb and CNA fell by 7 percent, while AIG closed the day down 10 percent.
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Allianz, Chubb and WRB are among the carriers that oppose the centralisation of BI claims.
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A bill circulating in Congress would make the industry retain the first $250mn of pandemic risk, a proposal that has split industry opinion.
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Hiscox’s Olly Durell, MS Amlin’s Daniel Black and Sarah Reeve all join the company.
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Social inflation related to the pandemic will put added strain on insurers, the executive said during an earnings call.
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The insurer reported a 2.6 percentage point worsening of its combined ratio in Q1 on Covid-19 claims.
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The proportion of loss-makers falls 4 points from 2018 but is three times as high as 2014.
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Scott Holbrook succeeds former Key Risk president Robert Standen, who takes the helm of other operating units.
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AIG gains 19 percent, outstripping a 12 percent increase on the S&P 500 insurance industry index.
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The broader S&P 500 insurance index ended the day down 11.3%.
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The executive joins Verus after about 20 years with Bermudian carrier Argo.
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WR Berkley has witnessed a surge in E&S submissions even as rates creep upward.
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The insurer reported underwriting profits of $114.7mn in Q4, up 71.1 percent from the same period a year earlier.
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Jonathan Talisman is the founder of Capitol Tax Partners, a Washington DC lobbying group, focused on taxation policy.
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The firm appears to be standing still on market share at best, according to an Inside P&C analysis.
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The specialty insurer reported earnings of $0.85 per share, surpassing a consensus analyst estimate of $0.67 per share.
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David LeBlanc takes over for Douglas Nelson who has vacated the role to become chairman.
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William Berkley said a continued uptick in jury awards would apply sustained pressure on the casualty and PI markets.
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Pace of change is being driven by emerging “pain” across the market.
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The specialty insurer reported earnings of $0.82 per share, beating analysts’ consensus of $0.64 per share.
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