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The industry has moved on from an initial focus on the nat-cat element of ESG.
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Completion of the buyout remains subject to US bankruptcy courts recognising the agreement.
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The ceded premiums were up more than sixfold after it set up a new sidecar.
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Duda will be the latest exit from Markel after Lodgepine’s closure.
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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.