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To an outside observer, Bermuda-based Max Re’s move to create a U.S. excess and surplus lines insurance platform may seem like the third transformation of a company originally formed to underwrite finite reinsurance products exclusively.

But to Marty Becker, chairman and chief executive, the move to E&S insurance–after a changeover from a structured reinsurance focus to a more traditional property-casualty book–is just another step in the company’s natural evolution.

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