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The practice will provide clients with tailored risk management and insurance packages to address challenges in the commercial insurance property market.
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The mid-market build-out comes in response to trading partners' needs for more on-the-ground-support for more complex risks and the constraints of a digital-only product.
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As part of the transaction, Carrick will assume the company’s staff and operations.
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“We're certainly much more optimistic than we've been at any point probably over the last five years,” he told this publication in an exclusive interview.
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The uptake on war exclusions, which was followed by other reinsurers, could signal the end of "endless" discussions on the topic.
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Political violence rose up the agenda, with conflict raging globally, and key elections due this year.
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A Branch spokesperson cited persistent inflation as a “significant challenge for home and auto insurance companies” and the reason for the staff reductions.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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The agreement has been extended an additional year through December 2025, and an incremental $140mn will be made available to Lemonade.
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The brokerage reported that polled carriers, however, have pointed to ransomware activity reverting to 2019 levels to argue current pricing is unsustainable.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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Just over half of votes cast were in favour of the $465mn sale to Onex.