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The transaction covers net reserves for losses and loss expenses of approximately $400mn and provides ground-up cover to a policy limit of $605mn.
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The pair have permission to undertake a Part VII transfer.
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The LPT will provide the unnamed California-based pool with reserves related to legacy general liability, employment practices liability and auto liability risks.
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The increasing frequency of $1bn-plus deals has led to discussion in legacy circles on whether there is a viable case for legacy deal syndication.
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The tech company contributed $139mn to its asbestos subsidiary companies as part of the deal.
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The £70mn deal follows a flurry of Lloyd’s legacy activity, with a major MS Amlin transaction also currently in train.
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The legacy specialist has made its second foray into medical professional liability.
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The bakery will be able to claim for multiple separate incidences rather than confining its losses to a single £2.5mn ($2.8mn) cap.
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If transacted successfully and in full, a deal for the state-backed icare could be the largest-ever single legacy transaction in terms of volume of liabilities.
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Inflation will define priorities such as a focus on safeguarding clauses and pricing transparency, as well as line of business challenges, for underwriters and actuaries in the year ahead.
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Plus all the top news from the Monte Carlo Rendez-Vous and this week’s exclusive executive moves.
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Inver Re said the launch was part of its growing inter-disciplinary approach to reinsurance broking.