Tokio Marine
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The insurer wrote an excess casualty policy for the ride-share company in 2014.
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He noted that D&O, E&S and event cancellation are areas that could be particularly impacted. -
The deal comes as renewable energy rates continue to harden.
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Earnings decline in the international non-life business of the Japanese carrier.
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The ratings for HCC were lowered to A+ from AA- following the acquisition's close.
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The Japanese group’s shares in the reinsurer were worth about $333.9mn at Monday close.
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The executive’s departure after 11 years at the helm of TMK was first announced in September.
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The carrier is expanding its leadership team as part of its 2020 strategic plan.
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The executives replace Brad Irick, who is moving to head up Tokio Marine Kiln.
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The deal takes Tokio Marine’s overseas M&A spend to over $20bn in total.
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The $3.1bn deal eclipses other US P&C transactions this year.
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The Japanese carrier says loss derives mainly from an appreciation in the value of the yen since TMR’s launch in 2000.
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