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The former reinsurance leader’s exit from treaty highlights wider pressures on the market.
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The transaction would mark a fifth legacy deal struck by Argo as it seeks to clean up its back book amid a strategic review.
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The portfolio consists mainly of underwriting years 2004 to 2018.
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Underwriters in both London and Singapore are in discussions with the company.
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The carrier was pushed to a net loss of $493mn by mark-to-market losses in its investment portfolio in Q2.
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Helena Kazi is set to launch an InsurTech MGA later this year that will provide “hyper-personalised” insurance to the gig economy.
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The carrier completed legacy deals within both its Re & ILS and London market segments.
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Insured nat cat losses amounted to $35bn globally in H1, while manmade events triggered an additional $3bn, according to Swiss Re Insititute.
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The sector saw a variety of deal sizes, with transaction values ranging in H1 from $10mn to $3.1bn.
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The McKinney and Oak fires are 0% and 67% contained, respectively.
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Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.
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The carrier’s management emphasised further underwriting actions.