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The partnership will launch a new umbrella excess insurance product. -
Mangrove can take out up to 81,040 polices while Slide’s limit is 15,000.
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The Californian insurer is buying the medmal carrier for $25.00 per share, or a ~60% premium.
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CEO Kieran Dempsey will relinquish the additional title of president.
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Price Forbes operations in Miami, Chile and Peru will report to Mulic.
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Consolidation options include fronts merging, competition, larger fronts becoming carriers and fronts being acquired by carriers.
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The segment’s underwriting results halved to $532mn in 2024 from $1.07bn in the prior year.
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Its full-year combined ratio for 2024 ballooned to 334.6%, from 124.7% in 2023.
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The underwriter will be based in New York and drive underwriting strategy.
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Markel also announced the appointment of Jon Michael to its board.
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Earlier today, Aon confirmed president Eric Andersen had stepped down from his role.
