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The fundamental issue of causation, as well as trends clauses and the Orient Express judgment, will be under scrutiny.
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The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers.
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The carrier has fully eroded the retention on its group aggregate cover, limiting Q4 cat exposure.
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The sector is trying to find ways to rebuild its client base following the devastation caused by the Covid-19 pandemic.
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Wording construction, the use of counterfactuals and the notorious Orient Express ruling will all be under the spotlight.
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The venture is led by Guillermo Eslava, a former Swiss Re and Brit underwriter who briefly joined Argo in 2019 as head of LatAm casualty.
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Government shift to immediate priorities and the complexity of the issues prompt a pause.
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The top general insurance supervisor also warns the market against declaring an early victory on underwriting remediation.
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Covid’s “slow, prolonged and symmetric” nature contrasts with a cyber attack or supplier outage, operations expert Nick Strange notes.
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The Treasury had raised concerns that insurers were paring the value of state support from claims payouts.
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Mini-MDLs will be established for some lawsuits brought against Arch, United Specialty and Society Insurance.
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The carrier said it did not intervene earlier so that it didn’t “clutter up the procedure”.