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Arch to take $38m reinsurance hit
Arch Capital Group Ltd has revealed that its second-quarter profit will take a $38 million hit from reinsurance losses.
The news prompted Arch shares to fall more than 2 per cent in early trading on the Nasdaq Stock Exchange and follows filings that show chairman Dinos Iordanou sold nearly half of his personal stake in the company during the past three weeks.
In a Securities and Exchange Commission filing, the Bermudian insurer and reinsurer said $38 million in losses emanated from its property facultative reinsurance book of business.
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Reinsurance, P&C Weigh on AIG’s Commercial Business
Commercial Insurance division
American International Group (AIG) has seen a continued decline in premiums earned for its Commercial Insurance division. This trend is mostly due to its lower Reinsurance segment business, as well as the selection of its Property and Casualty business in the US for lower risk.
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Ed appoints Ian Wicks as chairman of non-marine reinsurance
Global wholesale insurance and reinsurance broker Ed has appointed Ian Wicks as chairman of non-marine reinsurance.
Wicks, who has over four decades of experience in the insurance industry, previously served as an executive director within the casualty division of Willis Re. Prior to this, he co-founded the broking house Harman Wicks & Swayne Ltd, serving as a director for more than 20 years.
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Pages
Pages
Arch to take $38m reinsurance hit
Arch Capital Group Ltd has revealed that its second-quarter profit will take a $38 million hit from reinsurance losses.
The news prompted Arch shares to fall more than 2 per cent in early trading on the Nasdaq Stock Exchange and follows filings that show chairman Dinos Iordanou sold nearly half of his personal stake in the company during the past three weeks.
In a Securities and Exchange Commission filing, the Bermudian insurer and reinsurer said $38 million in losses emanated from its property facultative reinsurance book of business.
- Read full article
- Comments(0) To comment, please Sign In
Reinsurance, P&C Weigh on AIG’s Commercial Business
Commercial Insurance division
American International Group (AIG) has seen a continued decline in premiums earned for its Commercial Insurance division. This trend is mostly due to its lower Reinsurance segment business, as well as the selection of its Property and Casualty business in the US for lower risk.
- Read full article
- Comments(0) To comment, please Sign In
Ed appoints Ian Wicks as chairman of non-marine reinsurance
Global wholesale insurance and reinsurance broker Ed has appointed Ian Wicks as chairman of non-marine reinsurance.
Wicks, who has over four decades of experience in the insurance industry, previously served as an executive director within the casualty division of Willis Re. Prior to this, he co-founded the broking house Harman Wicks & Swayne Ltd, serving as a director for more than 20 years.
- Read full article
- Comments(0) To comment, please Sign In