Aerospace
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The combined claims are likely to cost the market in excess of $1bn. -
The executive is the latest senior broker to exit JLT's aerospace division following AJG’s acquisition of the business segment.
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The renewal follows the downing of a Lion Air 737 jet in October last year.
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The loss will erode margins in the market, which reported new business of just $350mn in 2018.
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In its Plane Talking report, the broker noted that rate growth in the aviation sector accelerated in the second quarter.
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The venture aims to challenge the dominance of Marsh, Willis and AJG in the aerospace market.
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A rule-of-thumb calculation suggests Boeing’s grounding liability sub-limit may already have been breached.
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The aviation specialist MGA has paper from Arch and Beazley to write the niche AVN52 class.
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Angus Roberts will report to Chubb’s aviation CUO John Wadhams.
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CV Starr’s US arm won the major aerospace cargo account in February.
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The carrier has set an initial reserve of EUR50mn for the loss.
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Nine retail brokers will distribute SkyWatch.AI products.
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