Property
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Plus the latest people moves and all the top news of the week.
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Property underwriters warn of complacency in how quickly margins can erode.
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Will Curran joined the Lloyd's syndicate earlier this year.
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Taiwan’s strongest earthquake in 25 years caused damage to facilities for chipmaker TSMC.
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The facility automatically follows the lead market which offers the lowest quote.
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InsurX has grown its capacity beyond £100mn after adding D&F to its existing contingency business.
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The average risk adjusted rate increase is hovering at about 2% for clean business.
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Transatlantic competition, rising valuations and price undercutting set a challenging scene.
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The value of the bridge is estimated at $1.2bn.
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On average, risks are being placed in a range of flat to up 5%.
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The carrier confirmed the appointments of Barrett and Tinworth to the property team.
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InsurX launched into the D&F market earlier this month and plans to facilitate the placement of around $30mn of property D&F business.
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The LatAm telecoms company buys a sizeable protection triggered by windspeeds.
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The platform has signed up brokers such as Miller and Gallagher and carriers such as Beazley and Atrium ahead of its market launch.
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Charlotte Macey started her career at CNA Hardy in 2008 and was most recently class manager for property D&F.
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The syndicate exited the class in 2021 at a time when the Lloyd’s market was in the thick of its performance drive and Decile 10 exercise.
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Deans joins from CNA Hardy, where she was a property underwriter since 2010.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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The CEO was speaking on the back of the carrier’s Q3 results, where it confirmed it would be returning $169mn to investors by way of a $119mn special dividend and offering up to $50mn in buybacks.
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The carrier has been in hiring mode in recent months after staff exits earlier this year.
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Reinsurers are also determined to secure structural changes and payback from Italian, Slovenian and Turkish cedants at 1 January 2024.
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Matthew Narbett will continue in his role as active underwriter of Syndicate 2010, while Colette Murphy has been promoted from deputy head of D&F.
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Sompo International said it saw growing demand for expertise and capacity in the region.
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The CEO said Chubb has ‘never seen better pricing’ on primary property.
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The underwriter spent more than two decades at Ascot, holding several roles in the property, political violence and marine hull teams.
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Plus the latest executive moves and all the top news of the week.
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London D&F underwriters are seeing rate rises of 15% on average on clean business, while loss-affected accounts are seeing their rates double.
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Wyatt is reunited with former IQUW and Agora colleague, James Blackwell in her new role.
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The duo will head up the D&F and DA teams, and report to active underwriter Steven Tebbutt.
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The firm is led by the former executive team of MGA Medici Facultative, headed by Henrik Webster.
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London D&F underwriters are seeing rate rises of 20% on average amid surging in-flows of new US business ahead of the key 1 April renewals.
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The MGA’s international platform hopes to bring in MGA underwriters looking for US expansion.
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The association allowed managing agents to select the most suitable candidates in this election cycle.
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Neil Cryer joins from CNA, where he spent nearly seven years as head of property D&F.
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Charles Tinworth and Abigail Paterson are set to join the property team as senior underwriter and underwriter, respectively.
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The loss is expected to be absorbed by the domestic Canadian and London markets, with Lloyd’s taking a relatively heavy share of the placement.
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Victor De Jager will be based in Amsterdam and report to Garret Gaughan, head of D&F, and Anne Pullum, head of Europe and CRB, Europe.
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Sources in the market estimated the average risk-adjusted rate increase at the 1 June renewal at around 5%, with a similar trajectory expected for 1 July accounts.
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The carrier has also promoted Srdjan Todorovic to lead its global political violence operation.
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The carrier has bolstered its property team following several staff exits earlier this year.
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Mark Herget joined Fidelis in April 2020 as an underwriter before being transferred to its Bermudan operation in November of the same year.
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WTW has appointed Aon’s Ed Day to work as head of international property in the broker’s D&F team, which is led by Garret Gaughan.
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Cat de-risking and asset revaluations have also been key features of this renewal.
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There are early signs of bifurcation between rates on cat-exposed or loss affected business, and clean accounts.
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The senior underwriter has worked at Sirius, Novae, Mitsui Sumitomo and Chaucer.
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Sources described the deal as a collegiate agreement, and long term the carrier is still understood to be committed to the US property market.
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Former head of D&F at Geo Specialty David Leathem and his colleagues first joined the Ardonagh-backed MGA in 2017 to establish its international property book.
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Head of property John Roberts-West and senior commercial property underwriter Katie Hunter have both left the business, with Hunter set to join Beazley at the end of the month.
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Head of Continental Europe facultative Nicola Fraccalvieri will lead the combined team.
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The prospect of higher reinsurance costs, an inflationary environment and concerns over cat pricing are fuelling the underwriter argument for more rate in 2022.
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The notification comes after a $100mn filing from Tulane University reported by this publication earlier this month.
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John Brown will be joining former colleague Simon Jackson at the ERS-owned syndicate.
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Experienced brokers Matthew Sinclair and David Pratt-Sinclair are to head up the new division.
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The exit in London comes at a time of wider market discussion around the adequacy of cat pricing.
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The rebrand follows a last-minute acquisition of the firm by Aquiline-owned Lloyd’s syndicate ERS, in December of last year.
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The fairly late notification and the size of the claim have prompted some to question whether further substantial Uri claims could be in the pipeline.
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Plus the lowdown on CFC’s syndicate capacity and all the top news from the week.
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The mid-year renewals are seeing a continued slowdown in rate rises for the property D&F market.
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HDI is looking to streamline its Talanx operations in Germany and bring together 7,650 staff under one new company.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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Beazley is one of the leading players in property D&F business in London, writing a global book with a US focus.
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The appointment follows the hire of MS Amlin reinsurance underwriter Dominic Peters as CUO.
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Rates are up an average of around 10%, half the magnitude of a year ago.
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The Week in 90 Seconds: Biometric data and cyber; Greensill collapse; Guy Carpenter’s Priebe on pandemic risk; Texas storm; Marsh McLennan’s Glaser
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The claim from the TASB Risk Management Fund is one of the first pieces of loss information to come to light following the Texas deep freeze.
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Nat cat and extreme weather claims have become more frequent and severe with hail, heavy rain and wildfires leading to significant losses.
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IGI is set to launch into the contingency market and has appointed underwriter Emily Clapham to lead the entry into the class, Insurance Insider can reveal.
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The carrier has admitted to errors in select cases but stressed that its $475mn loss figure remains unchanged.
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Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London.
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The segment returned to underwriting profit despite the group reporting a significant pre-tax loss.
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Some had argued that the definition of occurrence used by judges could make it harder for insurers to aggregate treaty claims.
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The carrier revealed 10.9% premium volume growth at 1.1.
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The Lloyd’s chairman tells the House of Lords the development will enable modelling of potential losses.
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Allianz, IAG, Chubb and Swiss Re Corporate Solutions have filed pleadings in the Federal Court.
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Some pointed to low average costs to fix burst pipe claims, while others warned that BI could drive up losses.
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The vast majority of the losses come from BI, with other losses stemming from life, travel and event cancellation.
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Market sources report an uptick in competition to secure accounts as clients sought optimum deals in a challenging market.
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Plus an update on European (re)insurer results and all this week’s top news.
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The carrier reported “significant claims provisions” following the judgement in the FCA BI test case.
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The CEO lays part of the blame for the UK’s Covid-19 BI woes at brokers’ door.
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The EU’s chief insurance supervisor advocates adding on pandemic to existing national schemes.
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A Lloyd’s report warns that increasing digitisation makes key infrastructure assets more vulnerable.
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An underwriting loss at the international segment eclipses a profitable performance from MENA personal lines.
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The agreement will initially focus on political risk and trade credit, energy and property business, with up to $25mn of capacity per risk.
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The European (re)insurance supervisor said correlation to financial market risk made the idea a challenging one while reinsurance appetite is also very limited.
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The CEO said pricing was going up by 10%-30% and that terms were being tightened globally.
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The body said that government-backed insurance schemes are not always the answer and are complex to establish.
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The pandemic and natural disasters impacted the result by $178mn.
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The reinsurance unit of the Spanish group takes a near-EUR80mn full-year hit on the pandemic.
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The newcomer most recently led Marsh’s property team in Asia, and has also worked at Newline and Cooper Gay.
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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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Futureset aims to bring together specialists to promote risk awareness and resilience.
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The CEO also discussed Beazley’s approach to re-underwriting cyber risks.
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Bryte has also granted an underwriting binder for its entire corporate property book to Sapphire Risk Transfer.
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The analyst predicts the insurance sector could experience its best performance in nearly a decade.
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The ratings agency foresees no “material effect” on the capital or earnings of UK commercial property insurers following the Supreme Court ruling.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
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William Alderton becomes head of the new worldwide unit.
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The regulator plans to publish data on the size of claims settlements and scale of reserving.
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After a management meeting, the analysts rule the carrier well placed to capitalise on the hardening market.
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The bank trims earnings estimates and says consensus expectations are too high.
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Some markets on the programme have pushed back on the inclusion of event cancellation exposures.
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Fourth-quarter lockdown measures will push Covid-related P&C Re and CorSo losses up $400mn to $2.7bn for 2020, the analysts say.
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The underwriter will work alongside George Stratts to build a book of business.
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Pandemic outbreak jumps 15 places to become the joint-second perceived risk.
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Deployed capacity is recovering and claims were below expectations but ending government support could negatively hit the market.
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The analyst says the judgment removes an overhang that had weighed on the carrier’s stock.
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Typical cat loss events trigger XoL reinsurance recoveries. It is not certain that this will.
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The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
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The carrier still expects net losses from Covid-19 to cost about £62mn.
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The ruling broadens the coverage available and alters the operation of trends clauses.
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Shares in the carrier recover from initial losses following a ruling by the Supreme Court that came down largely in favour of insureds.
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Judges dismiss insurers’ appeals and overturn the famous Orient Express ruling.
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The upcoming Supreme Court ruling could result in increased losses for the carrier.
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The mixed ruling delivered by the High Court meant insurers escaped from worst-case loss scenarios.
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The finding could have a material impact on the scale of BI losses stemming from the pandemic.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
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The missive adds to the patchwork of arrangements emerging for existing policies across the 27-nation EU.
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Loss-free accounts are repricing by high single digits but the real battle is over terms.
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The GDV trade association reports below-average losses thanks to a quiet winter storm season.
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The new recruit will run SI’s UK and international property team.
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Major consolidation laid the ground for current new launches, the Conduit chairman suggested.
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Guardrisk argued that its policy did not respond to a general government response to the pandemic.
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The underwriting room will be open on Wednesdays only for all classes.
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The coronavirus pandemic prompted huge change in a sector already dealing with systemic challenges.
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The consultancy said losses were expected to keep mounting following Q4 disclosures.
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The joint venture will focus on mid-market global property business, primarily in the US.
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Losses were relatively evenly divided between the two events.
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The insurer said its reserving was still adequate after the court supported its overall approach, but said biosecurity exclusions were not sufficient to decline claims.
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The regulator says that the insurance sector had remained resilient this year but faced ongoing threats.
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The highest court dashes lingering hopes of pre-Christmas certainty in the BI debacle.
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The new Syndicate 1796 is the conduit for the initiative and is backed by 14 global (re)insurers.
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The executive was an EVP at the Innovisk-hosted MGA, which will enter run-off for 2021.
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PI underwriter Dean Kiernan joins from RSA and property specialist Donna Stroulger from Mapfre.
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The local Organising Committee expects to receive around 50bn yen ($481mn) for the initial delay.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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The regulator says it wants a clear position on the issue as soon as possible after the Supreme Court ruling on the BI test case.
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Rates for listed companies continue to rise between 200%-400% amid hard market conditions.
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But the ratings agency warns that pandemic exclusions, along with legal disputes, are damaging the industry’s reputation.
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The reinsurer was placed under review in March amid turmoil in its management.
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Carriers have raised $19bn so far this year, with another $3bn in the pipeline, the broker says.
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The outcome of the appeal and a planned new BI test case will be significant for reinsurers.
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One top-tier broking source claimed that across the market, claims were being settled in two-thirds of the usual time.
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Based in Zurich, the former Schroders executive will become senior property underwriter for France, Benelux, Iberia and Africa.
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The regulator ordered potential rebates in June after deciding lockdown measures meant some contracts offered little value for money.
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The German carrier pegs the full-year impact of the pandemic on its reinsurance operations at EUR3.4bn.
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Disagreement over cyber wordings in named-perils cover joins the list of issues creating friction ahead of 1.1.
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The club reported a combined ratio of 102.2% for the first half of 2020, and an underwriting deficit of $2.2mn.
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One Lime Street will be open to all classes of business on Tuesdays, Wednesdays and Thursdays from 2 December.
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Joint research finds that remote working has challenged the London market’s ability to innovate commercially.
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At a Reuters event, Willis’ Aubert agrees that assuming older employees would find the transition hardest was a mistake.
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The carrier seeks to address potential BI liabilities following a court ruling.
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Plus Aon's new cat XoL facility under the spotlight.
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The Australian carrier takes a A$865mn provision for BI losses following the unfavourable court ruling.
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