Sompo
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The deal will propel Sompo International’s annual crop premiums to over $2bn when combined with the (re)insurer’s existing AgriSomp business. -
The deal covers subject premium of around $2bn and will run for 18 months.
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The MGA, which writes on paper from Accident Fund Insurance Company of America, uses AI in its underwriting process.
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Michael Donovan was previously a director at RLI’s marine division.
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The funding comes ahead of an expected IPO for the Silicon Valley company.
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The executive replaces Stephen Young, who has resigned to pursue other interests.
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Group profits slip back due to cat loss reserve strengthening.
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Ray Santiago joins the insurer from Axa XL’s New York office.
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The Japanese carrier is aiming for “steady organic growth” within international specialty but will consider acquisitions.
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Mikio Okumura takes the CEO job, while Frudd will retain responsibility for overseas M&A and be a special adviser to the group CEO.
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Companies including Lloyd’s underwriters, Sompo Holdings, Berkshire Hathaway filed a lawsuit accusing primary insurers demanding “unreasonable allocation”.
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The Bermudian specialty (re)insurer and the broking giant will work together to create an “integrated insurance platform”.
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