Property
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The expanded team aims to increase capability across global specialty lines and property specialty retrocession. -
The loss has increased by 1.4% since the company’s first assessment.
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The number of sponsors has risen from 46 about a year ago to 66 over the last 12 months.
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Eight Floridians will take on personal residential multi-peril and wind-only policies.
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The US carrier abandoned the project due to high price expectations.
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Urban expansion, climate change and inflation are key drivers of losses.
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The subject business of the deal is Ascot’s ~$1bn property portfolio.
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The rate change will be implemented in November.
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The executive has worked for Scor, RMS, Aon and SiriusPoint, among others.
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The unit will support Ascot’s third-party capital business.
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Positive cat experience impact of $600mn was offset by $500mn in property and specialty reserves.
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Rising premium income is not keeping pace with the increased cost of claims.
