Reinsurance
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The live carrier will cease writing business with immediate effect and become a platform for the legacy acquirer's Asian run-off expansion.
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The legacy carrier is in line to seal RITC deals following the closure of its acquisition of CTMA and Syndicate 1884.
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The ratings agency said the transaction reduced the carrier’s exposure to higher risk legacy products.
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The executive said a lockup in retro capacity, linked to Japanese typhoons, will further encourage reinsurers to raise rates.
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Investment income and an improved performance at StarStone lift the group result.
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Liabilities involved are associated with asbestos and environmental claims.
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The reinsurer's shares rose more than 9 percent on news of the board rejecting the offer.
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In a challenged market, new launches are given low odds of sourcing significant capacity.
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The executive is understood to have teamed up with former colleagues Harris and Hernon.
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Asbestos payments in 2018 declined by 14 percent to $2.1bn, according to the ratings agency.
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The transaction has now received regulatory approval and has closed.
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John Cashin said the legacy space is too complex to be easily tackled with technology solutions.
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