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The pair have acquired an MSA subsidiary that holds product liability claims for exposure to harmful substances.
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The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.
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Cedants are grappling with rising rates while coverage narrows.
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Legacy firm Darag has completed a reinsurance agreement with an undisclosed US carrier that carries a transaction value of around $15mn.
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Cedants who came to market in Q4 settled for smaller tranche sizes in recognition of limited capacity.
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Plus this week’s executive moves and all the latest exclusives of the week.
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The CVC-backed legacy player edged out Enstar in the process which was run by Gallagher Re.
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The outcome over the debate on narrowing cat reinsurance coverage will not be an all-or-nothing bet, with all perils deals with exclusions not a polar opposite of named perils coverage.
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The move comes amid a general cutback from reinsurers’ in their cat risk appetite.
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The deal protects the carrier’s capital in the event of large nat-cat or mortality losses.
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The transaction covers net reserves for losses and loss expenses of approximately $400mn and provides ground-up cover to a policy limit of $605mn.
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The exit highlights increasingly difficult conditions in the retro and reinsurance markets.