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The private ILS deal follows on from a lively year of issuance in 2021 -
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.
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Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.
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The British investor had previously challenged what it described at attempts to ‘cramdown’ investors.
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The recruit was formerly a portfolio manager at Nephila Capital.
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This year, instead of talk about running late, people were highlighting how the starting gun has barely been fired.
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The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.
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The UK government’s policy paper provides for use of secondary legislation to make changes.
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However, the deal is low-to-mid ranking in terms of book multiple.
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Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.
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Performance declined at the reinsurer’s third-party ventures owing to Q3’s big cat events.
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