segment
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The FTC issued a final rule on April 23 banning the use of non-competes nationwide.
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Michael Yeats will now lead the automatic reinsurance facilities division in the US.
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Only umbrella posted a higher rate increase, while workers’ comp continued to drop.
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These cedants could offer the firm access to support their casualty and specialty lines as well.
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Casualty is less of a concern, despite reserving issues.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
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The loss ratio in the business that HCI assumed was also better than anticipated.
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The buyer intends to fund the transaction with approximately 50% equity and 50% debt.
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Arkin Holdings and Launchbay Capital also participated as new investors.
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Harney has also worked at Alliant, WTW and Marsh, among other firms.
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The partnership will increase K2's capacity for US hurricane and earthquake exposure.
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Craig Hanrahan joins as Northeastern region leader from Chubb.
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The consideration in this deal will also include $2.2mn of Ryan Specialty Class A common stock.
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President Tim Turner noted two pricing trends: property “stabilization” and casualty “acceleration”.
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Industry results look good despite recent GDP/CPI numbers, but there is still cause for concern.
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Flash floods moved into Texas overnight and into the lower Mississippi Valley Monday.
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Heron has over 25 years of brokerage experience, mostly in real estate roles.
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The market has advanced in sophistication but must tackle talent, tax and diversification issues.
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The carrier has completed its 2024-25 reinsurance renewal.
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The broker’s opening price on Friday was $272.10 per share, versus Thursday’s closing price of $306.
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Aon’s CEO said the business was formerly “very underweight” in the middle market.
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Gallagher expects "little impact" from the FTC’s non-compete ban on the firm’s M&A strategy.
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Aon will provide further updates on NFP and deal financials, on its earnings call tomorrow.
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The practice aligns existing capabilities from Marsh Specialty and others.