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The recent Italian hail and Bernd losses show some companies are relying on outdated models.
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Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
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The new CEO needs to fix the underwriting, but should also ask the bigger questions.
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The announcement confirms earlier reports from this publication.
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Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
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Oversupply of capacity will outweigh casualty and per-risk concerns.
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Last summer’s hail loss has crept significantly for many Italian cedants.
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Competition among insurers is rising as new carriers enter the market.
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The underwriter will report to Kristina Maffit.
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Syndicate 609 will focus on deploying capacity in D&F and specialty.
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Mutual Zenkyoren is expected to reduce its purchase this year.
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Exposures to property are growing materially in the riskier geographies.