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Watford is liable for a $18.6mn fee if the Arch deal is terminated.
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The full cost of Covid-19 on D&O liability may take years to unravel, but initial indications point to an underwriting loss in 2020 for the embattled market.
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The broker’s Clips survey also recorded a significant acceleration in property prices.
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TransRe will provide the start-up MGA with capacity through its Fair American Insurance and Reinsurance subsidiary.
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The carrier will be actively targeting excess lines on US-listed placements, where capacity has been shrinking.
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Workers’ comp rates turned positive for the first time in over 5 years, CIAB data showed.
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All accounts renewing in June received rate increases, compared with 96% in May.
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Lauren Kim has joined the broker’s financial institutions practice in New York.
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Carriers on risk are understood to include AGCS, QBE and Axa XL.
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Hardening in the financial lines market has been exacerbated by fears over Covid-19.
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Are the elements needed for a sustained hard market in play? Not so long as capital is knocking the door down to get into the market at the merest sniff of opportunity.
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In court documents, the defence company says Aon failed to provide sufficient claims notification advice.