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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