Stocks
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It is understood the new syndicate would write following lines via quota shares or consortia. -
Primary property and facultative covers will respond to losses under civil commotion clauses.
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BI and cancellations are the major drivers of its loss.
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The shares change hands at a 0.6 percent premium to the undisturbed price, though more than 5 percent below Tuesday's close.
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RPP covers, previously dominated by ILS writers, were one of the areas in shortest supply.
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The sale of about 5.5 million shares would increase the carrier’s outstanding common stock by 12.5 percent.
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The carrier took a small co-participation on its first layer, effectively lifting its retention.
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R&Q executives have said managing legacy business on behalf of third parties is part of their strategy going forward.
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Multiple carriers had to revise official terms to get programmes home as reinsurers held firm on price demands.
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The insurer has a $75mn retention in place under its treaty.
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The issuance follows renewal of the Hong Kong-based reinsurer’s sidecar at $77mn in January.
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The London Matters report said the UK capital has lost market share to rival reinsurance locations.
