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The executive was previously president of insurance programs. -
The purchase aims to bolster Markel’s marine product line in the Asia-Pacific region and EU.
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The legislature did pass Twia reforms, however.
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The executive will remain CEO of reinsurance until September 1.
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The executive said he left the company in September.
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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May.
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The Floridian brokerage expects to bring its leverage levels below 4x later this year.
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The executive has over 30 years of finance and industry experience.
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The company’s credit ratings had been under review since early this year.
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Companies often purchase policies with limits far exceeding their actual exposure needs.
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The executive replaces Mike Warwicker, who left the firm earlier this year.
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Rate cuts are slowing as insurers agonize over claims trends, but capacity is high.
