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The carrier will make takeout offers to a selection of Citizens’ customers. -
Hail, wind and torrential rain struck Victoria and Tasmania.
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In a recent report, the ratings agency cited rising loss cost inflations, enhanced market discipline, and growing demand for reinsurance capacity as the industry approaches 1 January renewals.
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The former Army captain is expected to remain in the insurance industry.
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The Australian Reinsurance Pool Corporation (ARPC) and Insurance Council of Australia (ICA) have welcomed draft legislation and regulations with an A$10bn ($7bn) guarantee from the Australian government for the country’s cyclone reinsurance pool.
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The storm tore through north-western Europe in October, with major losses in France, Germany and Belgium.
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The deal was struck in the wake of the collapse of Aon and Willis Towers Watson’s merger.
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This is the first cat bond deal from the corporate sponsor, a logistics specialist.
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As part of the deal, Heritage will transfer ownership of carrier Pawtucket and MGA First Access, as well as claims and underwriting data.
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November moves included a new team at Inver Re.
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States in the south have received proportionally less damage.
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As a result of the deal, EY, through its wholly owned subsidiary Shackleton, becomes a minority shareholder in IncubEx.
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