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The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm. -
The executive has managed both casualty and personal lines reinsurance books.
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The executive was Everest CEO from 1994 to 2013 and has served as board chair since 1994.
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Instead, the reinsurer plans to write more casualty business through its innovations book.
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Industry sources estimate the market to be around $3bn.
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The firm projects losses from the fires at between $160mn-$190mn.
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Many cedants secured aggregate and subsequent coverage at 1 January.
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Concern over rate adequacy remains, but reinsurers are delving deeper into data rather than walking away.
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The agency’s outlook for global reinsurance remains at Positive.
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The carrier’s Q3 net income will be around $100mn, far below consensus.
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The broker said the casualty segment is approaching an “inflexion point”.
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Legal trends, the primary pricing micro-cycle and other factors all play into an opaque outlook.
