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The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move. -
Farmers Insurance Group is set to sponsor its first catastrophe bond in a two-tranche deal that would provide cover for losses from named storms, severe weather, wildfires and earthquakes, Trading Risk understands.
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Jessie Ruppe joins from Arch to oversee casualty ceded reinsurance, while two internal promotions will be responsible for financial lines and property cessions.
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Richard Anson previously served as head of ceded reinsurance at Antares and reinsurance manager for Aviva.
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He has ended a more than five-year spell at the Bermudian investment manager.
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Projected spreads on the deal fell by 10%-11% in early marketing.
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Around 15 producing brokers are on the move, with a number from the non-marine specialties team.
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The territory has been relatively untouched by outbreaks of the virus so far.
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The former Liberty executive’s long-term ambition is to build a tech-enabled, London-based risk carrier to align with the Future at Lloyd’s vision.
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Nicholas Hughes will become retro head, while Guy Hengesbaugh and Aaron Coates join as underwriters.
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Financial Services Director General John Berrigan wants to establish a new working group which will report back with proposals in the first quarter.
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The German insurer has placed a new EUR200mn worldwide cat agg deal.
