Event cancellation/entertainment
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The new unit will be led by Giuliano Montano and Antonia Martinez and overseen by Lockton’s Central America and Caribbean CEO Julian Pratt.
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Gartner accuses the broker of breaching its fiduciary duty and negligent misrepresentation for selling policies that didn’t cover its losses from pandemic-canceled events.
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The loss from the cancelled Bonnaroo festival hits a market already bruised from huge Covid-19 losses last year.
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The executive said that pricing for the coverage was "terribly set" after reported industry losses came in "stunningly large".
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The RPS update cites Covid vaccines, a reduction in infections and "people’s desire to return to everyday life".
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Christian Phillips joins the new unit from Beazley.
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Robinson said the move fits into a broader strategy of finding new sources of data to improve underwriting capabilities.
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NFP’s Elissa Doroff says some industry clients still seek coverage without even the most basic risk mitigation measures.
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The underwriter has led the unit on an interim basis since late 2020 following the departure of Lauren Bailey.
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The Genstar-backed fronting carrier has struck its first deal.
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Like other lawsuits, the action claims that the presence of the virus constitutes property damage.
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The market has been hit hard by a reduction in appetite for the type of business at Lloyd’s.
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The RT Specialty chairman and CEO says the timing of recent M&A was perfect for wholesale brokers looking to grow.
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The wholesale broking executive says plenty of capital remains to support both the admitted and E&S markets.
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The company said it would not be safe to host up to 40,000 delegates in May, but that physical meetings would return.
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“The optics don’t look good,” says BlackRock Global Real Assets director Lori Seidenberg.
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Executive defense attorney Mark Oakes says transfers between related companies can be a warning sign for underwriters.
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Underwriters Francis Hernandez and Ian Seakens have joined Cincinnati Global Underwriting to lead the new lines of business.
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She has led the business line since 2015 and will be replaced by Michael Furtschegger on an interim basis.
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The fallout from broker consolidation was a key theme in yesterday’s discussions at (Re)Connect.
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The executive says he is optimistic about the prospects for Bermuda.
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By 13:00 London time yesterday, (Re)Connect conference delegates had heard insight from the CEOs of entities controlling $80bn of non-life reinsurance business.
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Jean Prewitt says bank funding and bond financing for production cannot be obtained until insurers again begin to write policies for communicable disease.
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The Marsh CEO outlined MMC’s five-point plan to improve racial equity during an Insider Progress webinar.
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The carrier will underwrite policies for entrants to new media, such as bloggers, vloggers and social influencers.
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The former Arch CEO says the virus will lead to the creation of a slew of new businesses.
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The MMC CEO also called on the industry to move towards broader wordings to provide certainty to clients.
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Japanese Prime Minister Shinzo Abe concedes that the event may be delayed.
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The figure includes losses associated with the cancellation of the Tokyo Olympics.
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The illness could have a “catastrophic” impact if it starts to cause cancellations outside China, sources said.
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LA Fire Department said that the blaze is “very dynamic” and spreading rapidly in high winds.
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The modelling agency’s estimate factors in privately insured wind and storm surge losses from property and automobile claims.
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Market quoted 30% rate on line to cover new PG&E officers.
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Of the 34 syndicate requests to increase capacity, Lloyd’s performance management directorate has agreed to half.
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The number of events rose to an eight-year high for the month, the broker says.
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