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There has been an influx of capacity in the cargo market after several years of improved pricing conditions.
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The unit is the fourth MGA sold from the underwriting platform.
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The chairman role was changed over at the group’s AGM, where annual results for 2020 were shared with staff.
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The Gary Burke-led business has appointed KBW to advise on the transaction.
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The Lloyd’s Market Association has finished a six-month project to create a digitally enabled, data-driven and cheaper model for delegated authority partnerships.
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The investor projects GWP at its largest portfolio company to rise by almost a third this year.
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Falcon Risk Holdings will initially focus on financial and cyber lines in the US.
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CUO Mike Duffy predicts MGA will become “the future of Lloyd’s”.
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Brokers were informed on the final working day before the 1 June renewal that the MGA would not be able to honour renewal quotes for cyber clients.
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The ILS vehicle has support from four key providers and will be launched alongside a broader offering including K&R, fine art and other specialty risks.
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The veteran marine underwriter highlighted “strong” cargo rates but acknowledged the structural challenges facing hull pricing.
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The Gallagher MGA said current market conditions made it an ‘ideal time’ to invest in D&O.