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The global P&C CEO said the carrier will deploy roughly the same capacity in the state as last year.
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The pace of rate hikes will ease back from the 1 January reset as buyers seek to lock up capacity early after last year’s dislocated renewal.
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The ratings agency repeated its expectation that 10% of ratings in the (re)insurance sector will be affected by its new criteria.
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The loss portfolio transfer deal was completed in March of this year, covering £200mn of UK motor insurance claims.
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Mark Cloutier set out Aspen’s plans for top-line 2023 growth in the range of 10%, and a continued strategy of pursuing rate rather than exposure growth in property cat.
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The deal includes a diversified book of international and NA financial lines, European and NA reinsurance portfolios, and several US discontinued programs.
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The forecast included two intense hurricanes, six hurricanes and 12 tropical storms.
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The split of the program and legacy businesses is the most obviously compelling path for R&Q shareholder value creation.
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Aon said it was “optimistic” that the market is now on a more stable footing following a turbulent 1.1.
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Reinsurers achieved an average ROE for 2022 of 5.2% – far below the cost of capital – in what Aon described as a “poor year for reinsurance sector earnings”.
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The company believes the program management and legacy businesses would work better as standalone operations.
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The broker’s international chairman said that without an influx of new capacity, the market will remain disciplined.