Reinsurance
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The losses relate largely to Hurricane Dorian and tropical storms Barry and Imelda.
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The executive will leave the legacy carrier at the end of the month.
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Historic frequency and severity of losses will create sharp pressure for rate rises at 1 April.
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Typhoon Hagibis looks bad, although whether it is bad enough remains to be seen.
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The Lloyd’s chairman suggests the post will enhance, rather than detract from, his work at the Corporation.
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All policies underwritten by the carrier will be cancelled from the beginning of November.
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The recruit will optimise the structure of the legacy carrier’s acquired run-off assets.
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The transaction has now received regulatory approval and has closed.
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John Cashin said the legacy space is too complex to be easily tackled with technology solutions.
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The executive took over the finance role from Tom Stoddard in July.
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The executive has investment from private-equity house Partners Group and is already considering transactions.
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Singaporean and Vietnamese businesses are reportedly in scope for disposal.
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