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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The CEO said he expects the total number of policies from the October takeout to “be substantially lower than 100,000”, roughly around 30% to 50% of the approved figure.
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In the quarter, Root saw its auto policies in force shrink 31.5% to 203,840, though they were up slightly from 199,685 policies in Q1 2023.
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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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Issues with faked letters of credit are not limited to one banking provider, sources said.
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
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The scale of the coverage offered by the firm means buyers in the emerging line of business face a challenge to swap out their capacity.
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In addition, Pelican founder and TigerRisk executive chairman Rod Fox has joined Nsure’s advisory board.
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The firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".