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As with 2024, pricing pressure has been most acute on top layers. -
"Smoke damage is real damage," Commissioner Lara said.
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The assumption date for the combined 16,250 policies is August 19.
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Permanence and independence of a public company would be valuable, he told this publication.
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The industry veteran has also held roles at Marsh, Willis and CNA.
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Lloyd’s traditionally avoided US middle market property, but head of P&C Matt Keeping says times have changed.
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The executive had served as chief investment officer since 2000.
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Tornadoes have killed at least 32 people in three states.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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Sources said that negotiations are proceeding well with a path to do a cash deal.
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Third-party litigation financing remains the thorn in the sides of casualty insurers.
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The reinsurer’s CFO cited a 1.5% net price reduction year to date.
