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The landmark transaction with Sentry requires court clearance after gaining the state insurance commissioner’s nod.
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The legacy carrier is the first to utilise a recently enacted framework in Oklahoma. -
The legacy bidder prevails over Enstar, Premia and start-up Marco.
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Sources said the liabilities relate to business written by unit Mid-Continent Casualty Company.
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Reserves in scope have not been finalised, but sources estimated the figure to be in the low hundreds of millions of dollars.
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The deal sets an exit plan for Stone Point from the Bermuda group’s North Bay entity if that business isn’t reorganised by year-end.
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The deal, first announced in March, secures Aspen $770mn in cover for losses in excess of $3.8bn, as well as $250mn in excess $4.8bn.
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The carrier has agreed to reinsure legacy business underwritten by Zurich from 1 October 2015 to 30 September 2018.
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Aspen is the latest to pass the risk of unfavourable reserve development on to reinsurers.
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The carriers claim in a lawsuit that Maiden wrongfully stopped paying claims in late 2018.
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The stock-performance-related plan comes as the carrier extends Dominic Silvester's contract, and those of the president and COO, by three years.
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Legacy specialist continues expansion with first Montana captive.
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