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Work is at an exploratory stage, with efforts focused on London specialty and US P&C mid-market expertise.
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E+S Rück said that natural disasters and persistently high inflation have again "taken a toll" on the German insurance industry.
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The executive brings more than 25 years of global reinsurance broking experience to the new company.
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Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.
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The New Zealand-based carrier has also decreased the upper limit of its catastrophe programme from NZ$934mn to NZ$750mn.
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However, most P&C insurers will still miss their cost of capital targets and as a result, rate hardening and capacity constraints are expected to continue into 2024, according to Swiss Re.
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Property remained the largest class of business, whilst North America is an increasingly important income source.
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Plus this week’s executive moves and all the latest exclusives of the week.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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Some reinsurers are developing products and solutions for cedants’ newly retained risk under those higher attachment points, executives noted.
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The ratings agency said the reinsurance market was ‘the hardest in decades’ amid tightened terms and conditions as well as increased rates.
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Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.
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