Carrier

The New York PE firm says the data-powered business offered a “unique opportunity in Lloyd’s to revolutionise the market”.

The latest estimate is marginally below a previously disclosed $75mn UK BI claims cap.

The Swiss carrier says any increase in P&C claims arising from the ruling won’t materially impact its earlier assessment of $750mn in Covid-19 claims.

The executive will take on the role of US president and CUO in October as the carrier looks to increase its presence in the market.

Insurance Insider wraps up some of the key themes from Day 1 of the (Re)Connect conference.

The private equity house holds a majority stake in the business and invested five years ago.

The carrier said it was benefitting from “exceptional market conditions in a low yield environment”.

The reinsurer says US property catastrophe rates are now “satisfactory”, with more upward pressure to come.

The carrier did not give a gross loss estimate, but has added $39.2mn of reinsurance cover for a second event.

With the market scattered and a high degree of uncertainty around 1.1, rhetoric and narrative building may matter more.

The move by the founding shareholder follows activist investor pressure on the reinsurer.

The carrier reports lower-than-expected life claims linked to the pandemic.