Stocks
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The managing general agency is looking for new lines of business, having seen its cyber team and capacity provider depart ahead of renewals earlier this year. -
The broker has explained the rationale for its $3.25bn acquisition of Willis Re on an investor call.
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The 2017 start-up has previously focussed on quota share investing.
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The insurer said it had "a tsunami of rate rolling onto the book".
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The insurer reported a combined ratio of 283.5%, sharply worse than the 147.9% in Q2 2020.
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American National CEO Jim Pozzi said the acquisition would be an “energizing moment” in the carrier’s history.
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The insurer had a record quarter for earned premiums, linking the boost to the growth of TypTap, which recorded $39mn in earned premiums.
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The Florida insurer’s combined ratio rose to an unprofitable 105.2% on higher weather losses and an increase in ceded premium.
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Moody’s expects RMS, which had about $320mn in revenue around $55mn in operating income last year, to become accretive to earnings by 2025.
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The insurer kept prior-year reserves for Irma stable and said its “transition” plan was underway.
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The firm launched the special purpose Bermuda-registered insurer at the end of 2020.
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Firm CEO Dino Robusto revealed the news on its Q2 earnings call.
