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Sources said the deal was roughly three times over-subscribed as cat becomes hot.
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The downgrade reflects the company’s balance sheet strength, which AM Best assessed as weak.
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Demand for funding is still seen as robust, however.
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The syndicate will be Asta managed and have capacity from Hampden Names.
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It is understood that the company aims to launch in Q3 or Q4 of this year.
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CyberCube expects ransomware attack to impact both large and SME accounts.
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The Ahoy! deal marks the first acquisition for the RedBird-backed MGA.
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The complexity of the incident and US location point to one of the largest ever marine losses.
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The value of the bridge is estimated at $1.2bn.
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The reinsurer experienced a “notable decrease” of catastrophe losses last year.
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Participating members can purchase up to $10mn in (re)insurance.
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Sources said the process will target buyout firms and will not be open to trade bidders.
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Cove Street is 14th largest investor in Global Indemnity.
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Concerns around casualty rate adequacy are growing, the executive said.
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The carrier stopped accepting new HO business in the state last May.
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This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
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The body’s budget committee is again pressing Citizens over solvency concerns.
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Sources said that the E&S carriers are now poised to enter due diligence.
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Lockton broker Gary Giulietti said the size of the bond is "rarely, if ever, seen".
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The project is not immediately moving forward due to lack of client demand.
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Glatfelter CEO Chris Flatt will become interim chief executive.
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This publication revealed Chubb was planning to re-enter the London TL market.
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May and June takeout requests for Citizens are exceeding expectations.
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