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Sirius International Insurance Group and Easterly Acquisition Group have named Gallatin Point Capital as one of the investors on a private placement that will raise at least $213mn.
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Marcus Pollak, who joins from PartnerRe, will lead underwriting process and portfolio management activities for Axis Re.
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The insurer’s losses are far from eroding its deductible in 2018, after two consecutive years of claims under its aggregate reinsurance covers. -
Anne Kelly will be joining Axis Capital as its global head of ceded reinsurance.
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The German reinsurer ceded 31 percent of its EUR134.8mn of gross major losses to retro partners in the first half.
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The reinsurer's drop in P&C profit was due to an increase in man-made losses, as it grew its US and Australian book in July.
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Reinsurance chief underwriting officer Emil Issavi has been named as the new CEO of the unit.
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The UK insurer said it hoped the transaction was the start of a longer-term relationship.
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The Floridian insurer has become the latest carrier to reveal details of increased Irma claims.
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The (re)insurer said it had already bought an aggregate reinsurance cover for the combined Axa-XL entity and has decreased its cat exposure by about 40 percent relative to 2017.
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CEO Dominic Addesso said it was a mistake that early favourable loss reports had not set off “alarm bells” for the company.
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Underwriting profit for the reinsurance division fell by 3.6 percent to $134.9mn in Q2, due to increased expenses.
