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Most sectors saw lower premium increases, with five reporting decreases. -
US national accounts head Paul Lavelle will retire as of June 1.
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The program will succeed the previous buyback launched in 2023.
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The executive joined the MGA in January 2024 and has spent his entire insurance career within the TL space.
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Michael Brooks, SVP, head of transactional liability, will be taking over temporarily.
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Sources said MarshBerry was retained earlier this year to run the sale.
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The moves come as the company said it will "double down" on US E&S.
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The company has settled, or is in the settlement stage, for 80% of the exposure.
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He will lead AIG’s business across Latin America and the Caribbean.
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Two wind and hail events were responsible for 60% of the total.
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Rates have fallen an average of 10%, though changes can be highly specific to each property.
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Revenue and expenses grew, in part due to the company’s acquisition of Beat Capital Partners.
