Stocks
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The per-share price is a 35% premium to yesterday’s close. -
The insurance holding company confirms it will take 72% share in the Lloyd’s (re)insurer.
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Analyst Philip Kett suggested that the carrier has "adequate but not comfortable levels of capital".
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The Samir Shah-led firm has transferred risks for more than 15 MGAs.
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The move marks the company’s fifth round of share redemptions since going into run-off.
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The broker expects collateralised reinsurance to shrink as cat bond demand grows.
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EMC and Church Mutual turn back to reinsurers after devastating wind losses.
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The deal will come into effect on 1 October, with the specialty player's gross lines likely to scale up by a quarter.
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The carrier had topped up its cover earlier this month after Laura triggered recoveries.
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Contingency losses will result in a total loss and an increased renewal cost.
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Year-to-date lite and private cat bond placements total $220mn, up 30% from last September.
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The firm plans to carry out a fifth compulsory redemption later this year.
