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Tuttle has more than 35 years’ experience in P&C broking and cat modelling. -
The purchaser is known for having a very low cession ratio, although it said it would leave Alleghany to operate independently.
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The company will withdraw all of its outstanding ratings on Russian firms before 15 April, having already announced the suspension of its Russian operations.
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Carr was previously SVP, global head of property catastrophe at the reinsurer.
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The transaction will create a reinsurance entity roughly on a par with Scor in terms of net reinsurance premium.
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The pricing has settled at the mid-to-top end of guidance across the three tranches.
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The carrier is facing more growth than anticipated after recent insurer failures.
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The company’s adjusted return on equity will have a floor of 14%.
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President Putin has signed off on a new law that has banned Russian carriers from ceding risks to reinsurers in "unfriendly states".
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Pricing settled at 500 basis points, the higher end of guidance.
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Acrisure Re brokered the deal.
