Stocks
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The funds were contributed to support the specialty carrier’s growth. -
BHMS joins a group of Boost backers that includes Markel, Canopius US and management.
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With the deal, 1970 secured capital to boost its liquidity management services for insured companies.
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The Hartford and Aon also posted notable, though more muted, stock bumps.
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Travelers and Selective’s releases point to ongoing reserving challenges this earnings season.
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The news follows a string of deals that the stop-loss segment has seen in recent months.
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The carrier’s CoR increased 15.9 points YoY to 116.1% on unfavorable GL development.
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Longstanding investor Stone Point will continue as a partner and board member.
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It is understood that the company expects to launch its Florida reciprocal in Q4.
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Stable first half insufficient to counterbalance concerns on reserving trends.
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Sources said the deal between the PE firms valued the broker at in excess of 16x Ebitda, or $4bn+.
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It is understood that the goal is to use a capital injection to form a reciprocal.
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