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Eight reinsurers and JP Morgan supported the programme, which triggers once aggregate payments from the Central Fund exceed £600mn.
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New entrants have eased the capacity constraints that played a large part in last year’s huge rating changes.
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The PRA’s executive director for insurance has outlined the scope of a market study and consultation that will ultimately reform and simplify the Solvency II regime.
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The research body said that both businesses had reported poor underwriting results.
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InsurTech Skyline Partners’ parametric platform will inform insureds of a relevant incident within 48 hours.
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The week also featured extensive discussion of the cyber market and high staff movement in cargo.
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The carrier also promotes chief claims officer Kirsten Valder to chief administrative officer, effective 30 June.
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Lloyd’s new chief of markets today unveiled an even tougher approach to syndicates with consistently poor results.
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The carriers insuring VW’s D&O policies have agreed to pay out claims due to damage inflicted by previous executives in the emissions scandal.
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The London market has seen a marked slowdown in specialty insurance rates year-on-year, in the latest evidence that the recent upswing in rates is starting to lose steam after three years of acceleration.
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Personnel displacement is high in the cargo market amid improving conditions in the sector.
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The appointment is a “statement of intent” as Aston Lark builds out its London market capability in property, casualty and terrorism.