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As part of the recent LPT deal, the Cinven-backed legacy firm also acquired the team from SiriusPoint’s run-off division as part of its push into the US.
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Secretary of state Michael Gove claimed the market is “failing some leaseholders”.
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Kevin O’Donnell also said 1.5-point rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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The ratings agency is allowing more time for feedback on proposed changes to assessing insurers’ capital adequacy levels.
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Plus the latest executives on the move and all the top news of the week.
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Industry veteran Rick Girden runs the construction portfolio, which is projected to grow to $200mn this year.
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Greater participation of cat bond investors in the retro market has some advantages alongside the risks.
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The regulator said it does not seek to either “incentivise or disincentivise” legacy transfers.
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The unwinding of the pandemic, inflation and specialty pricing are set to be some of the areas of focus for the market.
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Retro renewals have made major progress in early January, but programme gaps remain at some levels, with reinsurers left carrying more risk net.
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Steve Lawrence and Andrew Whittaker join from European Property Underwriting and will start with immediate effect.
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Fire season in the US ran slightly later than usual in 2021, but total losses will fall far short of 2017-18 peaks.