North America
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The appointment follows McElroy’s elevation to global CEO of general insurance at the carrier.
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Preparations are understood to have included the retention of investment banks and discussions with investors over the move.
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The airline has said that it does not expect a total loss to the $200mn policy with the aircraft repairable.
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Prices rise in every region for the seventh consecutive quarter, with the UK easily outstripping US growth.
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The company increased non-cat reserves by $26mn in the second quarter.
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The top line figure was also aided by the addition of business purchased from Anchor.
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The insurer reported favorable reserve development and ceded $30mn of minor weather losses to reinsurers.
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The insurer benefited from both lower loss and expense ratios.
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The carrier took “proactive” reserve charges and continued raising rates to address high reinsurance costs and elevated claims severity in Florida.
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The executive said the Sunshine State is one of a few spots where personal auto rate increases are being achieved.
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An expanding book of primary business and the elimination of quota share agreements helped boost profits.
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The carrier’s combined ratio improved by five points to 100% for the quarter.
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