Reinsurance
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The Allianz-owned non-life carrier closed to new business in 2015.
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The capital supports the MGA’s excess retro portfolio.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
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New capacity did not have a major influence on the outcome, but greater rated paper interest and a drop-off in demand kept rate increases more manageable than feared.
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Retro rates are at an eight-year high, according to the broker.
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Key themes included new capacity, a more buoyant retro market than expected, drawn-out amendments to exclusionary wordings, and quota share demand.
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The new vehicle gives third-party investors access to Premia’s run-off investments.
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The deal, pitched at a multiple of 12.2x 2019 earnings, follows disposal agreements for Axa in the Gulf, central and eastern Europe and India.
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Germany is among other jurisdictions to have prolonged the life of similar schemes.
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The new recruit will run SI’s UK and international property team.
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Syndicate 5678 went into run-off in December 2019, and carried net liabilities of £251.1mn as of 30 June.
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The Turkish reinsurer joins more than 20 insurer shareholders.
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