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The IG’s $3.1bn reinsurance tower is facing double-digit pricing increases in the wake of the Baltimore bridge disaster.
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Underwriters are broadly pricing on the basis of a $1.5bn Baltimore claim, but there is uncertainty.
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The underwriter was head of W&I for the UK and Ireland at Mosaic.
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Sources said that Nacional would only consider a bid north of $150mn.
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The underwriting executive will support Axis through the 1 January reinsurance renewals.
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The new proposition will offer £10mn primary cover and £15mn limit for XoL.
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The business will offer warranty, A&H and income protection products.
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The new product adds to its existing portfolio of upstream energy and marine and energy liability business.
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A canvassing of the market showed some bifurcation on the necessity of a government backstop.
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MIC Global will become Lloyd’s coverholder of Greenlight Re’s Syndicate 3456 for 2025
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The Lloyd’s spread vehicle failed to meet fundraising deadlines.
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There has been some strategic withdrawal of capital for younger syndicates.