North America
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Version 21.0 of the model will become available to clients on June 23.
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It was either the top or joint largest investor in each layer of the program.
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The Floridian has previously been affirmed by Demotech, but AM Best cited leverage pressures in its review.
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The executive had previously been the head of third-party capital at Axis.
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The Floridian carrier said reinsurance spending was up by 5%.
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UPC also said it had retained Raymond James to explore a sale of Interboro, in a bid to deleverage its capital.
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The total reinsurance program’s cost jumped to $312mn at the renewal, compared with a $272mn price tag a year ago.
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AM Best said predictions for an active 2021 hurricane season only compound the list of pressures carriers must manage in the Sunshine State, as Florida insurers’ move to increase their rates may be “too late and a dollar short”.
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The California-based company was launched in 2019, and focuses on risks in the small fleet trucking market.
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Citi has been retained to run a process which is now in its early stages.
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Aon and Willis have been in talks with Gallagher over a sale of assets the broking houses must make to gain approval of their pending merger from antitrust regulators.
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Maria Grace had been with Everest since 2016, and was previously an executive within AIG’s Lexington unit.
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