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Morgan Stanley first invested in Cover Whale in May 2024 with structured debt.
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As the US recovers from a major flood event, the vast majority of Americans remain uninsured.
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Commercial property poses the most intense competition due to rates dropping, terms and conditions, and line size.
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As the IPO window opened, American Integrity, Slide, Ategrity and others followed Aspen.
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Shares opened at $28.50 each, well above the $21 offer price.
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Hagerty Re will now assume 100% of the premium and 100% of the risk.
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This is the New York-based firm’s first acquisition since launching in 2024.
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The awards, now in their fifth year, will be held in New York at 583 Park Avenue on September 25.
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Recent inbound offers can “oftentimes” be a leading indicator that the market is slowing, he said.
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The alleged insurance fraud targeted anyone who could fund the settlements, argued the plaintiffs.
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The PE-backed MGA lined up Morgan Stanley, JP Morgan and Bank of America to advise.
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Michael Mora was appointed North America CEO just over a year ago.