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Initially, negotiations are likely to be led by risk takers but there could be a case to model a future role for service providers. -
Sven Wehmeyer, who will remain as CEO of Validus’s Zurich-domiciled reinsurance arm, replaced Steve Bardill as head of international on 1 June.
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The aspiring carrier is already providing risk-transfer deals for carbon offset buyers but plans for its initial underwriting to be focussed in more traditional areas.
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Named storm predictions held stable from the agency’s April update at 17, up from an average of 14.
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The ILS vehicle has support from four key providers and will be launched alongside a broader offering including K&R, fine art and other specialty risks.
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The intermediary also warned that inflation headwinds could affect the future cost of claims.
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The former Bernina Re underwriter will remain in Bermuda.
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There is little sign of retro demand returning after buyers cut back in January.
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The agency projects four major hurricanes and anticipates overall activity around a third higher than long-term norms.
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The funds made a $93.9mn loss in 2019, ahead of a leadership changeover at legacy adviser Armour.
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Florida domestic property insurers are getting squeezed, unable to increase rates fast enough to offset mounting losses.
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