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Carriers led by Axa XL are accused of “not acting in good faith” and acting “miserly”.
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The carrier cut gross limits for the class of business by $40bn during the quarter. -
The carrier said rates were not responding adequately to claims and loss creep.
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As one of the market’s de facto regulators, it is well placed to understand demand-side factors.
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Companies with high reinsurance dependence face “difficult choices”, the ratings agency said in a new report.
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The cat bond could help lower barriers to collateralised participation in primary business, says the ratings agency.
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Disruption in P&C markets is expected to boost demand for captive services.
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Excess rates continue to rise after several carriers early last year pulled back from the class.
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The executive was previously vice president of property and multiline treaty at PartnerRe
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Gerry Alonso is also promoted to division manager of middle-market property business AFM.
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The carrier says the claims outstrip expectations by $20mn as it predicts a Q4 combined ratio of up to 96.5 percent.
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The Bermuda-based start-up run by Lefebvre, Lucking and Weston receives regulatory approval.
