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The joint venture will focus on mid-market global property business, primarily in the US.
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Losses were relatively evenly divided between the two events.
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The insurer said its reserving was still adequate after the court supported its overall approach, but said biosecurity exclusions were not sufficient to decline claims.
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The regulator says that the insurance sector had remained resilient this year but faced ongoing threats.
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The highest court dashes lingering hopes of pre-Christmas certainty in the BI debacle.
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The new Syndicate 1796 is the conduit for the initiative and is backed by 14 global (re)insurers.
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The executive was an EVP at the Innovisk-hosted MGA, which will enter run-off for 2021.
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PI underwriter Dean Kiernan joins from RSA and property specialist Donna Stroulger from Mapfre.
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The local Organising Committee expects to receive around 50bn yen ($481mn) for the initial delay.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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The regulator says it wants a clear position on the issue as soon as possible after the Supreme Court ruling on the BI test case.
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Rates for listed companies continue to rise between 200%-400% amid hard market conditions.