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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