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Duda will be the latest exit from Markel after Lodgepine’s closure. -
The move suggests the Markel Cato funds buyout could now finally be concluded.
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The start-up Bermudian reinsurer has focused initially more on quota share.
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The buyout of the Markel Catco investors is inching toward a resolution.
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The bond provides annual aggregate industry loss cover for named storm and earthquake.
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CEO Albert Benchimol pledged to grow the company’s specialty business as the catastrophe portion of its 1.1 book shrank by 10 percentage points.
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The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.
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The third-party capital raise came in 24% lower than January 2021, as the DaVinci sidecar took most inflows.
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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
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The private ILS deal follows on from a lively year of issuance in 2021
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The reinsurer typically renews the deal in two parts each year.
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Both gross and net exposures increased in the pandemic year, but net PMLs rose faster, a modelling report from the BMA shows.
