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CEO John Doyle said global property rates were down 2% versus flat in Q2.
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Contrary to expectations that US casualty would dominate the conversations, Milton took the spotlight.
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Pricing expectations are still not aligned on higher-risk coverage options.
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The ratings agency said the global reinsurance sector is in “an even stronger position than a year ago”.
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The rate change will be implemented in November.
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Lancashire was the only carrier to see double-digit growth in insurance revenue for H1.
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The action follows the completed acquisition of Accredited by Onex Partners.
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The board of directors has voted for a 10% rate hike.
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In messaging to the market, the cyber insurer described the rating environment as “stable and sustainable”.
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Q2 was the ninth consecutive quarter of year-over-year price decreases.
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The insurance sector’s RoE is expected to exceed 10% next year.
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