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The top four lines posted low-single digit to high-single digit policy count growth. -
Premiums increased 5.6% across all major lines, down from last quarter.
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The consortium backing the MGA is led by Axa XL Syndicate 2003.
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It had planned to non-renew 47,000 DP-3 and 53,000 high-risk homeowners’ policies this year.
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The rise is equal to 5%-10% of catastrophe capacity purchased, including cat bonds, depending on region.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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Underwriters are getting increasingly granular, rewarding mitigation and prevention with better terms.
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Average rate increases went to 5.6% in June 2024 from 28.2% in June 2023 .
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The Irish MGA will be able to underwrite commercial property risk up to EUR10mn.
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Insurers' losses will likely be low and readily absorbed by their earnings.
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Stable first half insufficient to counterbalance concerns on reserving trends.
