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The executive, a key lieutenant of group COO Peter Zaffino, is the first of the Duperreault-era management team to leave. -
Underwriting margins need to improve by as much as 7-12 percentage points to compensate for lower interest rates, the carrier states.
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Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
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The carrier said it had added new ILS structures, as it took $187mn in Covid losses.
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The top 10 carriers continue to write the lion’s share of global premiums.
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The former Hiscox CUO has $300mn of cornerstone backing from the PE firm to make a deal happen.
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Specialty CUOs Andrew Wright and Mark Clements, and reinsurance CUO Phil Wooldridge step down as the newcomer is charged with “repositioning”.
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The reshuffle at AIG is a new step towards the group president and COO succeeding Duperreault as CEO.
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Warren Buffett’s reinsurance business fell to a $1.1bn loss as Covid-19 and prior-year casualty losses hit the result.
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The Australian carrier is also drawing down on other aggregate covers.
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Lawyers are diligent in finding avenues to bring litigation against insurers, FedNat’s CEO Michael Braun told analysts on Thursday.
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Major losses from natural catastrophes were comparatively low at EUR167mn for the quarter.
