Pol risk, credit & surety
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Dan Riordan, Richard Abizaid and Javier Gomez will spearhead the unit.
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Michael Smith is a former mortgage broker.
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Trisura is expanding the firm’s licenses to include all 50 states and Washington, DC.
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Insured losses from civil unrest have risen over the last decade to total $7bn in 2020-23.
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There is more capacity in the market for long-term risks.
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Lockton broker Gary Giulietti said the size of the bond is "rarely, if ever, seen".
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Marsh Specialty has released its Political Risk Report 2024.
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The fronting company has been expanding its surety business in the US.
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Surety DWP rose between 11%-12% YoY from Q1 to Q3 2023.
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Based in Brazil, the executive also has prior experience at Liberty Seguros, where he was regional manager, and Chubb, where he was LatAm surety underwriting manager.
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Highlighting regions where the demand for SRCC products is increasing, stakeholders can tailor offerings more effectively, the PCS said.
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The executive will be based in the company's Morristown, New Jersey office.