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The figure represents a 12.1% increase over full-year 2023. -
Sources said that Waller Helms/Houlihan Lokey is working with the firm as financial adviser.
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The insurer acknowledged additional claims in 2025 would be “reasonably possible”.
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The specialty insurer reported favorable developments in both its insurance and reinsurance segments.
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The board will lead the review following feedback from shareholders including activist investor Jana.
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A majority of losses come from property-oriented businesses and inland marine.
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CEO Tom Kang said Converge will now be able to deploy a total of $10mn in limit in certain segments.
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Regulators have been keeping a close watch on the market, however.
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This is FMH’s first acquisition since acquiring Axa XL’s crop unit last April.
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The executive was CFO of Marsh Specialty and Global Placement.
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Stuart Heath will retain his current role of head of delegated property.
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The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.
