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Reinsurer capital fell 8% in Q1 to $645bn on the back of mark-to-market losses, as nat-cat capacity contracted materially for the first time since the 2004-2005 hurricane season.
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The deal would mark the second time the carrier has come to the legacy market in recent times as the syndicate’s turnaround continues.
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The redomicile is part of a diversification strategy to broaden the carrier’s focus from Continental Europe to Lloyd’s and North America.
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Sources described Australia as ‘the new Florida’ while US rates are also on the rise.
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The legacy carrier will use the proceeds to refinance existing debt.
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The legacy acquirer also struck a quota share deal for UK builders warranty insurance in 2021.
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The biggest challenge with reporting on the legacy market is the lack of publicly available information to track the sector’s performance.
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CEO Kathleen Reardon said recent legislative changes are a ‘band aid’ but will help to calm the stressed Florida market.
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The legacy carrier’s GWP of EUR28.5mn was less than half that of the prior year.
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The carrier’s move to cement its identity as a specialty (re)insurer could put it at a competitive disadvantage.
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The forecast range of hurricanes is slightly wider than in 2021, but in line with 2020.
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Apollo ibott, Aioi Nissay Dowa Europe and Marsh teamed up to arrange the placement for a driverless vehicle journey in Europe, the first of its kind.