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Capital markets are "likely to become a key ingredient of a healthier and sustainable (re)insurance market". -
The company is raising a sidecar through JP Morgan for additional capacity from outside investors.
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The company wrote the most California homeowners multi-peril insurance, at $2.56bn, and fire lines and home multi-peril insurance, at $2.66bn, in 2022, according to AM Best data.
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The primary layer of $10mn was written by Chubb. The policies cover the period from August 1 2022 through August 1 2023.
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Recently released statutory data shows the US P&C industry loss ratio touching the 65% mark, the highest level in two decades.
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The bishop’s insurance policies include general liability coverage, auto, employment practices, E&O, D&O, excess liability, cyber and sexual misconduct.
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Based in Stamford, Connecticut, the executive will oversee the carrier’s cyber fac and treaty operations reporting to NA CEO Brian Quinn.
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The US National Oceanic and Atmospheric Administration (NOAA) has forecast “near normal" hurricane activity in the Atlantic this year.
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Argo has also hired former RLI surety head Greg Chilson as an adviser.
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The executive will oversee the development of cyber and tech products reporting to Hiscox US SVP head of specialty risks Doug Karpp.
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The transaction will coincide with a CEO succession as Karl Wall hands the reins to M&A head Tom Nichols.
