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Programme management business is to be sold to funds advised by Toronto-based Onex Corporation

Consolidated net premiums written were up 9.1 per cent to $13.1 billion. The property and casualty combined ratio was 88.4 per cent

The company and Axa Research Fund will focus on climate transition risk as their contribution to the initiative

The ratings agency said the transaction will be accretive to Sagicor Financial’s operating earnings, increase its geographic diversification and lower its overall investment risk

The new directors bring significant leadership experience, industry expertise and impressive track records

José María Conde-Salazar and Olivier Marcén will report to Jamie Canellas, country manager, insurance, Iberia

The sale is expected to close in the latter part of the first quarter or early part of the second quarter next year

Eight insurance applications were reviewed in September including seven new applications and one carried forward

Estimated total global economic losses are elevated in 2023 to $290 billion in the first three quarters alone

The agency said the revision to the ratings outlook reflects the impact of declining risk-adjusted capitalisation