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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May. -
The Floridian brokerage expects to bring its leverage levels below 4x later this year.
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The executive has over 30 years of finance and industry experience.
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The company’s credit ratings had been under review since early this year.
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Companies often purchase policies with limits far exceeding their actual exposure needs.
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The executive replaces Mike Warwicker, who left the firm earlier this year.
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Rate cuts are slowing as insurers agonize over claims trends, but capacity is high.
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This will allow Ark to write business on surplus line paper and Lloyd’s business.
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Acrisure recently raised $2.1bn from investors in its latest step towards an IPO.
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Rates and limits have done the heavy lifting to date – but there are other options.
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The changes are aimed at improving underwriting and operational performance.
