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The change in plan comes as Lloyd’s restricts cyber growth.
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The landmark reinsurance contract provides protection and indemnity coverage for around 90% of ocean-going tonnage.
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The Series A funding round was led by Mercia Asset Management.
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The body will work to drive the digitisation of the market through standardised data.
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The transaction provides reinsurance capital from four pension funds and marks the second use of the Lloyd’s ILS transformer vehicle.
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New capital made its presence felt in the market in a year that saw both the completion and collapse of major business combinations.
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In his new role, Paul Cooper will join the Hiscox board, subject to regulatory approval.
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The contingency book was skewed towards prize indemnity and over redemption, representing less than 1% of CFC’s business.
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The promotions precede the retirement of both Ed Lines, active underwriter of Syndicate 1084 and Colin Clulow, head of property division, at the end of 2021.
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The new recruit replaces Jon Poole who left in September for Ariel Re.
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Sources said there are already four cells in line to join the platform in early 2022.
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Plus, the latest executive moves in the sector and all the top news of the week.