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The vehicle has $2.55bn in capital committed by institutional investors. -
The move means Lloyd’s will have a new chairman and a new CEO in the same year.
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Paul Poschmann joins from Gallagher Re, where he was a divisional director.
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The top quartile, which includes Nephila 2357, were set to shrink overall.
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The facility will also provide a dividend to clients for the first time.
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Lloyd’s has taken around 6% of aggregate US hurricane losses in recent years, and disclosed estimated net losses from Helene and Milton of $1.8bn to $3.4bn.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
