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The investment recovery will be welcome but Chinese tariffs will contribute to loss-cost inflation. -
Erik Manning is joining the business from BMS as head of ceded reinsurance.
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He will oversee Ascot’s US and Bermuda insurance and reinsurance companies.
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The package comprises a $100mn cat bond and a $70mn sidecar.
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P&C has strengths that will help it survive this crisis, but not without some pain.
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The prediction comes after a highly active hurricane season in 2024.
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The insurer also pointed to accelerating growth, M&A to come, and a sub-30% ER.
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Total reinsurer capital grew by $45bn in 2024 to $715bn.
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The carrier has received 12,300 claims as of 28 March.
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Jeanmarie Giordano joined the company last September.
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The shares will be purchased via the open market or private third-party transactions.
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The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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