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A historic cat loss year remains a possibility as storm losses accumulate.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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Spicer will transition to a global specialty executive chairman role.
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She will continue to work with the executive team on key projects and initiatives.
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Two large storms hit the Midwest and Ohio Valley regions on May 14-17 and May 18-20.
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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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The executive will take the global role alongside his existing US responsibilities.
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The bond will provide named storm and quake coverage in the US.
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The executive has been with the firm since 2011.
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As with 2024, pricing pressure has been most acute on top layers.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The reinsurer’s CFO cited a 1.5% net price reduction year to date.