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Global reinsurers have bolstered the casualty and specialty components of their portfolios in recent years due to natural catastrophes losses and secondary perils
The Lloyd’s insurer also saw its combined ratio fall to 78.5% for H1 of 2022
The loss reflects a $32.5m increase in adverse proper-period reserve development and a negative $7.9m swing in realised investment results
He joins from Axa XL, and will be responsible for developing the insurer’s risk strategy framework
The downgrades were primarily driven by unfavourable operating performance tied to elevated inflation and supply chain disruptions
This marks the first time since 2014 that Citizens reached the 1m mark, the company disclosed on its website last week
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