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The executive will take on the role of chairman of retro, property specialty, Bermuda and market capital. -
The new law limits insurer liabilities for attorney fee suits against insurers and reduces time limits for claims.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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CPI surged to 4.2% in April, levels not seen since before the Global Financial Crisis.
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It is the Blackstone captive’s first foray into the cat bond market.
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It will also encompass impact investment manager BlueOrchard, although the microfinancier will keep its independent identity.
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The executive said reforms will help insurers, but more challenges remain to be tackled, as local executives remain divided on the potential impact of the legislation.
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Sven Wehmeyer, who will remain as CEO of Validus’s Zurich-domiciled reinsurance arm, replaced Steve Bardill as head of international on 1 June.
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The aspiring carrier is already providing risk-transfer deals for carbon offset buyers but plans for its initial underwriting to be focussed in more traditional areas.
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The intermediary also warned that inflation headwinds could affect the future cost of claims.
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There is little sign of retro demand returning after buyers cut back in January.
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The funds made a $93.9mn loss in 2019, ahead of a leadership changeover at legacy adviser Armour.
