Start-ups

Former Brit vice president Yesid Rodriguez launches a construction and property coverholder.

The initiative is offering $25mn capacity per risk and will cover assets from before launch to their operation in orbit.

Surround executive Kate Terry blamed the capacity drought on an earlier generation of start-ups during an event in New York.

The business was established as a JV by Willis and Pembroke in 2012 after change in Lloyd’s rules.

The start-up aims to grow to £25mn revenue within five years.

The company will also provide consultancy and analytics services.

The former RenRe and Aeolus executive had been in talks with Warburg Pincus over a new retro fund platform.

The executive is understood to have teamed up with former colleagues Harris and Hernon.

Latest hire for broking start-up worked at JLT for 22 years.

The underwriter will join a marine team headed by John Potter.

The division will work on M&A cover with the broker’s financial sponsors practice.