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Cedants faced a hard market in the mid-year renewals.
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The company increased non-cat reserves by $26mn in the second quarter.
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The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO. -
An expanding book of primary business and the elimination of quota share agreements helped boost profits.
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Reinsurance chairman will take on the CEO role until a successor is announced
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The move comes amid a planned wind-down that began last August.
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The storm’s track has pulled further offshore, but uncertainty remains.
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Arch was anticipating delinquencies to reach 10% by the end of 2020, a figure it has now revised down by a fifth.
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The carrier has reduced its frequency risk while lifting exposure to tail events.
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CEO Kevin O'Donnell also noted that RenRe had dropped one-third of its Florida clients.
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The new guidance is the first update to Bermuda's SPI framework.
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Notices of legal action jumped 65% year on year to an all-time high in H1 2020.
