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The company’s stock jumped 14% within 30 minutes of the market’s open. -
The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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Industry sources estimate the market to be around $3bn.
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The insurance market remains generally immune to tariff uncertainty, but not all is well.
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The big brokers are lining up London capacity to write follow lines on US risks.
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On Monday, the firm reported a Q4 CoR of 155.1%, versus 98.1% a year ago.
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The investment firm’s holdings were down to $59mn at the end of Q4.
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Jana holds around 109,000 shares and 69,000 call options, at a $307mn total value.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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Insurance stocks are lukewarm amid earnings season, cats and political changes.
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The board will lead the review following feedback from shareholders including activist investor Jana.
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The PE firm held over 6.7 million Axis shares, around 8.2% of shares outstanding.
