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The process provides further evidence of larger deal sizes becoming more frequent in the legacy space.
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Insurance Insider selects 10 exclusive news stories reported by our team on the frontline at Monte Carlo Rendez-Vous.
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Activist investors had tabled resolutions to oust William Spiegel as executive chairman and appoint Ken Randall as a director.
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Around 50% of the $100bn growth in the market emanated from deals struck in North America.
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The carrier’s programme management business’ GWP rose by 82% to $807.3mn.
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Jonathan Zisaruk will be based in London and report to group CEO Will Bridger.
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The transaction will mark Sompo International’s full withdrawal from the Lloyd’s market.
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The company expects to announce another similarly sized deal soon, and the rest of the year’s pipeline is “beyond expectations”.
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The deal is split into a ~£1.1bn reinsurance-to-close deal and a ~£100mn loss portfolio transfer.
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The executive was responsible for all types of legacy transactions, from structured adverse development cover to LPTs.
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The executive has come under fire from the company’s two largest shareholders, which are calling for his removal.
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The latest financial condition report for Darag Bermuda shows a $69.0mn loss after tax for 2021.