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The market has recently been stung by several large anticipated claims, with cat season looming.
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The loss comes hard on the heels of a large BI claim stemming from the Freeport LNG refinery.
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The underwriters are tasked with implementing “ambitious growth plans” across the lines of business.
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Regulatory burdens mean that restarting the Freeport refinery could take longer than first hoped.
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Hiscox is understood to have led the policy, while Aon is said to be the broker.
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Under the scheme, insurance services would only be available if the price ceiling was observed by the importer.
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An abundance of capacity is leading to price reductions in the downstream sector.
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The watchdog is proposing rules that would require actuaries to consider climate risks in technical work.
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Plus people moves and all the top news of the week.
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Increased competition in the upstream space, driven by a capacity surplus, is turning conditions in the favour of clients.
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The Lloyd’s business recently launched into the energy class under the leadership of Richard Pursey.
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The latest round of sanctions against the rogue state banned the insurance of ships carrying Russian oil.