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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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The deal follows a decision to withdraw from some direct Irish business.
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The former reinsurance leader’s exit from treaty highlights wider pressures on the market.
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The underwriter will focus on underwriting and marketing strategy in the region.
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Reinsurer capital fell 8% in Q1 to $645bn on the back of mark-to-market losses, as nat-cat capacity contracted materially for the first time since the 2004-2005 hurricane season.
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The new hire joins from Axa XL, with a background at Hiscox.
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Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.”
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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Joe Murphy has left his senior underwriter post to join the Ryan Specialty Group-owned MGA.
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The liability chief started her career with Endeavour in 2009.
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Tom Graham joins from Apollo Syndicate Management, where he most recently held the position of US casualty underwriter.
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Plus a new London SPAC, CII criticism and all the week’s top news.