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Top Stories / Ad / Most Recent
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Former CEO Ryan Mather returns to helm Ariel, and will also oversee underwriting for SPA 6133 under a pact between the acquirers and Apollo.
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Catastrophe losses totaling $6mn contributed to the decline.
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Arch’s reinsurance gross written premium rocketed 51.6% in Q3 to just over $1bn.
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Sources said AIG is offering some staff guaranteed bonuses and stay packages.
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In a filing on Thursday the reinsurer said the former CEO has resigned as a director.
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Gross written premiums grew 16% in Q3 across both insurance and reinsurance segments.
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The insurer will cut 20 jobs as a result of the run-off plan.
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Excluding Covid-19 claims, it was the company’s highest cat quarter since 3Q17.
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RenRe’s results commentary also raised again the prospect of an untipping point on third-party capital.
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Catastrophe losses totaling $240mn pushed the company to a $135mn underwriting loss overall.
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CEO Kevin O'Donnell said climate change was driving increases in cat loss frequency.
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The ratings agency has carried out an initial assessment of the reinsurance subsidiary's business plan.
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