Reinsurance
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This week a clearer sense began to emerge of the likely shape of the 1.1 renewals.
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The German insurer finally concludes the sale 18 months after it first brought the legacy portfolio to market.
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The deal includes Security Life of Denver and Midwestern United.
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Carrier seeks to mitigate regulatory risk around motor and is likely to cut US med-mal exposure.
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The main disrupted segments are still aggregate retro and sidecar vehicles.
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Over 20 houses have been destroyed as around 120 bush and grass fires burn across New South Wales.
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For the most part, aggregate retro covers got hammered in 2017-2018 – but what isn’t as often discussed as these headline losses is the fact that one pocket of such capacity actually got away largely intact.
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The Gibraltar entity's losses are understood to stem primarily from its relationship with collapsed NZ carrier CBL.
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The cash-and-stock transaction values the closed life group at the top end of the range implied in an abortive IPO.
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The live carrier will cease writing business with immediate effect and become a platform for the legacy acquirer's Asian run-off expansion.
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The former UK life sciences manager replaces Karen Strong, who has left the business.
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The legacy carrier is in line to seal RITC deals following the closure of its acquisition of CTMA and Syndicate 1884.
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