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Ensurance has also launched three new underwriting lines: SME casualty, mid-market casualty and risk managed casualty.
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The carrier had a strong underwriting performance in the London market and reinsurance as Covid-19’s impact receded.
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Sources have said a deal could be signed as soon as the middle of the week, with a valuation higher than the last agreement.
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The carrier previously identified cargo as a target class in the business’s specialty build-out.
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The energy and space MGA said the promotion was part of a strategy to expand into different business lines.
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The Corporation said it will give firms a "a year or two" to switch to new digital platforms now being built under modernisation plans.
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The carrier’s global head of hull Mike MacColl resigned from the business earlier this year to join Atrium.
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The CEO said investors would be "scratching their heads" if hurricanes dragged insurers to a loss.
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CEO Alex Maloney said the carrier was starting to ‘reap the benefit’ of three years of rate growth.
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Many market participants have managed to curtail their admin expense ratio over the last five years, although correlation between GWP and cost-efficiency remains weak.
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Lord Sedwill also served as head of the UK civil service and national security adviser.
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The firm has lost some of its sheen, and its CEO-elect has key challenges to address, including how to balance its twin-engine retail and big-ticket businesses.