Reinsurance
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Underwriting income for the industry climbed $4.9bn from the previous year, driven by growth in net premiums earned, according to AM Best.
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The law would make it harder for attorneys to use contingency risk multiplier fees.
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The delayed whiplash reforms could prove a damp squib, to the entire industry’s detriment.
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Hannover Re takes a key role alongside leader Munich Re in the world’s largest terrorism retrocession placement.
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Aspen is the latest to pass the risk of unfavourable reserve development on to reinsurers.
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The CEO said the company was only prepared to deploy capital if increases were sufficient.
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Bruce Lucas said the decline was “pretty material”.
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The move is the latest in a string of deals with companies including BorgWarner, Zurich and Munich Re.
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The scheme’s main retrocession programme, the world’s biggest terrorism reinsurance placement, will likely increase from last year’s £2.3bn.
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The Florida carrier makes no reserve strengthening in the final quarter after responding to Irma loss creep in the July to September period.
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CFO John Parry, who joined the firm last year after holding the same role at Lloyd’s, will become interim CEO.
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The carrier said the charge mainly stems from non-core business, including $5.5mn from commercial general liability.
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