Stocks
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The loss portfolio transfer reinsures around $116mn of the group’s share of Syndicate 33 reserves from between 1993 and 2018. -
Berkley also increased its position in Global Indemnity and now owns around 8.5% of the firm.
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Evanston Insurance Company, a subsidiary of Markel, backed the move.
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The carrier posted losses from various flooding and hail events hitting Australia in the past year.
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The company sees and opportunity to grow market share in the state.
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The carrier said pricing on property quota share, particularly in the US, was not keeping pace with inflation.
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On August 1, Demotech downgraded UPC's financial stability rating by two notches to M from A.
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The former executive is looking for $40mn to $80mn of new capital, sources suggested.
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The carrier had improved its combined ratio by 6 points to 99.4%.
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It is unclear if policies transferred by UPC to other entities through quota shares and renewal rights deals are covered by federal mortgage institutions.
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The move would enable the Lloyd’s ILS platform to access investors with lower risk-return appetites after launching with quota share options only.
