Reinsurance
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The A$14bn pool will switch brokers on 1 April.
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Competition has ramped up over the last two years and now represents a threat to returns.
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The new launch will be managed under an Apollo turnkey, and looks set to take on run-off liabilities from the Lloyd’s carrier.
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He has held a seat on the company’s board since 2017.
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The move from Fidelis to hand back $275mn of capital is rare in a "use it or lose it" world, but what does this say about the direction of the retro market?
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The reinsurer was chasing a high 15% net return target and said lower demand and capital trapping made this unachievable.
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The outgoing chief executive founded the company in 2005, building it into the second--largest legacy-focused business.
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The impending deal follows recent Lloyd’s legacy transactions with Neon and ArgoGlobal by RiverStone.
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UK chair Tim Cox will step down in March, as will NED David O’Connor.
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The move is part of a wider expansion in BMS’s reinsurance broking capabilities.
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Some markets on the programme have pushed back on the inclusion of event cancellation exposures.
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He will join fellow Ironshore alumnus Kevin Kelley, who is taking on the role of non-executive chairman.
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