Reinsurance
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The insurer will become part of Ardonagh’s retail arm, which also includes Carole Nash and Swinton.
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The carriers claim in a lawsuit that Maiden wrongfully stopped paying claims in late 2018.
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Most claims emanate from Germany, France and the UK.
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Reinsurers have been keen to paint a picture of gains on the horizon in their analyst calls after their January renewals reports.
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The company said it had “dusted off” its pillared Purple product.
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The executive told analysts that reinsurance rates are starting to climb in certain areas, offering opportunities.
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Bushfires losses still dwarf claims from the other five major events to afflict Australia since October.
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Chaucer leads the standalone cover, bought after the Chilean retailer’s property policy excluded the risk.
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Property, aviation and marine cargo were among the fastest risers.
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The carrier said rates were not responding adequately to claims and loss creep.
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Reserve strengthening across the unit housing Antares pushes the underwriting ratio further into the red.
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Current rules allow lawyers in some insurance cases to collect up to 30 times what an insured is awarded for a claim.
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