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Liabilities involved are associated with asbestos and environmental claims.
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The reinsurer's shares rose more than 9 percent on news of the board rejecting the offer. -
The executive is understood to have teamed up with former colleagues Harris and Hernon.
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Asbestos payments in 2018 declined by 14 percent to $2.1bn, according to the ratings agency.
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The transaction has now received regulatory approval and has closed.
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John Cashin said the legacy space is too complex to be easily tackled with technology solutions.
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The executive has investment from private-equity house Partners Group and is already considering transactions.
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The executive moves to the Hamburg-based company from the position of head of legacy solutions restructuring in North America.
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Genworth Financial sells its majority stake to Brookfield to "increase the liklihood" of completing its takeover by Oceanwide.
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The Canadian conglomerate will buy out all of Omers minority stake in Brit.
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A significant increase in demand is being met by constrained supply at current pricing levels.
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Global specialty insurer StarStone reported $51mn of adverse development
