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The business is achieving a 10 percent uplift in pricing.
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Basic fee income was up year on year, although 2017 losses meant it made no profit commission. -
John Doucette, president and CEO of reinsurance at parent company Everest Re, said the company had shrunk its January catastrophe portfolio.
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At $1.05bn, the Everest Re sidecar has remained stable throughout 2018.
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Most investors in Markel Catco are expected to take up an offer to redeem their shares, as the platform further increased its loss reserves for 2017 events and had its value written down to zero by parent company Markel.
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Mitsui Sumitomo Insurance (MSI) now owns 80 percent of Leadenhall Capital Partners after taking over the holding from its international subsidiary MS Amlin.
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Allianz will participate in Pimco’s new ILS business both as an underwriter and an investor in its ILS funds, a spokesperson said.
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The restructure also includes CEO Dirk Lohmann becoming Schroder’s head of ILS.
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A Markel executive said he expects most investors will seek to cash out by March 31.
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The insurer took a $179mn hit to its Q4 results from loss of goodwill.
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The Luca Albertini-led ILS manager will become a direct subsidiary of the Japanese insurance group, rather than being held by MS Amlin.
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The Bermuda-based ILS manager withdrew from the insurer’s reinsurance treaty following losses in 2018.
