North America
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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A similar ‘day of reckoning’ could befall many other carriers as 1.6 approaches, the ratings firm said.
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Universal Insurance Holdings books $30.7mn reserve charge and sees $21.5mn in weather above plan for Q4, with shares plunging on the news.
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The dispute has arisen due to a mismatch in the provision of infectious disease cover between Petroperu’s policy with local fronting carrier Mapfre, and the policy between Mapfre and its facultative reinsurers.
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Sources said that the PE company has appointed investment bank Evercore to conduct the sale process of the business.
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State Senator Jeff Brandes withdrew his amendment to an insurance omnibus bill but said he would bring the concept back before the legislature.
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The InsurTech is the latest MGA to begin assuming risk, following similar moves by rivals Coalition and Corvus, in what is likely to be a step in its evolution towards becoming a full-stack carrier.
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The six acquired companies will work within Patriot’s Shapiro Insurance Group platform.
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The transaction reflects the evolution of the Weston Group and its plans to expand its coastal offerings across the US.
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The Hartford-based carrier is the latest to rejigger its policies in response to the rapidly evolving pandemic.
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Staff who have not provided proof of vaccination will be terminated “for cause” and ineligible for future employment with the carrier.
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The Mayfield Consumer Products candle factory is one of the two most high profile large individual risk losses from the quad state tornado to date.
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