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The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.
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The catastrophe market, inflation and loss-costs and the pandemic unwind are among the trends to shape the news agenda this year.
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In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.
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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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The fires are being fanned by winds of up to 115mph around the towns of Superior and Louisville.
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The country’s insurance industry is also contributing to a flood relief fund.
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Extreme flooding combined with hailstorms led to Germany’s worst loss year since records began in 1970.
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The transaction marks the legacy carrier’s first acquisition in Continental Europe.
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The deal was brokered by Gallagher Re.
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Legacy acquirer Darag has entered into a Stock Purchase Agreement and received the relevant regulatory approval for the purchase of a Texas-based insurer in run-off.
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Joe Murphy has left his senior underwriter post to join the Ryan Specialty Group-owned MGA.