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QBE has “effectively stopped writing new business” in response to its New Caledonia loss.
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Police and civil authorities will likely pick up most costs.
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The July downtime will increase relevance, demand and innovation for the market.
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Lancashire was the only carrier to see double-digit growth in insurance revenue for H1.
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The CEO said he expects cyber rates to start flattening post-loss.
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A canvass of sources suggests that a $3bn-$5bn loss could tip the cyber market into unprofitable territory.
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W&I premium rates have fallen as low as 0.4% in the UK.
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He joins the firm following the departure of Edward Morgan and Guy Tyler, who have launched an MGA.
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Hales will switch to underwriting after a career specialising in marine claims.
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The broker said less than 1% of companies globally with cyber insurance were impacted.
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What is the purpose of the Underwriting Room in the post-Covid working world? According to Lloyd's Market Association CEO Sheila Cameron, the Room remains the "beating heart" of the London insurance ecosystem, and there is "overwhelming support" to maintain it. In her role at the LMA, Sheila has a unique insight into what is top of the agenda for all 55 managing agents. Tune in to the podcast to get the latest on Blueprint Two, the state of regulation, and leadership diversity.
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This follows the insurer reporting $56.4mn of losses from intellectual property business in Q2.