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CUO Rachel Turk said some syndicates were showing a “mismatch” in ambition and strategy. -
“We do not have the luxury of time,” he said during the Bermuda Risk Summit.
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The regulator has scotched plans to publish details of ongoing investigations.
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“They've been focused on this for more than 10 years,” said Bermuda’s CIT Agency CEO Mervyn Skeet.
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The company said it now expects the transaction to close in H2 2025.
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The ratings agency noted “significant” underwriting improvement in 2023-24.
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In the absence of interim action, the segment could face an “availability crisis”.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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Retention levels for reinsurance fell across the different geographies the carrier operates in.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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The government’s consultation ended on Friday (7 February).
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
