Liberty Mutual
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The pull-back comes amid a repositioning of energy at Liberty’s Global Risk Solutions (GRS) operation. -
The mutual will transfer the financial risks book written from Zurich to one of three alternative European bases.
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He takes responsibility for the carrier’s underwriting operations across the continent.
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Wilhelm Schaugg will join Montoya’s team as head of strategy.
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The two will report to David Perez, EVP and general manager of national insurance specialty.
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The deal doubles Hamilton’s total premium base on a pro forma basis to $1.1bn.
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The carrier hires a former Aon director as it enters the $650mn market.
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More than half of attorneys surveyed by the carrier said litigation finance has prolonged the time it takes to settle losses.
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The mid-year renewal included $135mn from a Bermuda-listed placement, which shrank from $278mn after the insurer revised the covered portfolio.
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Market sources said most of ITC’s marine liability cover is written by an Aon general liability line slip.
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Chubb, Allstate and Liberty Mutual are among insurers seeking reimbursement for claims from the utility.
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The third-largest P&C underwriter in the US reported 20.4 percent top-line growth and a 7.6 percent renewal rate increase in specialty lines.
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