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The ratings agency said the reinsurer had a “very weak” balance sheet.
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The Lloyd’s chair warned that clients, capital and talent “will not wait”.
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The watchdog says the wholesale market has “a way to go” on D&I.
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All parties interested in the case have agreed to participate in the process.
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The regulator is calling for comments on the deal by 13 February.
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The consultation will close on 26 April, with the PRA expecting to implement changes in Q4 2025.
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The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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Speaking to a Treasury committee, Rathi explained that the FCA is not proposing to enforce social policy, but to provide data for firms to evaluate themselves.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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The association will also explore the impact of AI and continue its #BackToEC3 campaign this year.
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The regulatory body laid out its priorities which will focus on themes including credit, liquidity and cyber risk.
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The trade body also urged a proportionate approach to regulation of the broking sector.