Reinsurance
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The carrier was hit by increased losses and deteriorating reserves.
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The executive promises a broader managed funds vehicle, whose strategies will also differ from those of Nephila.
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Last week, Markel said it was placing its retro fund manager Markel Catco into run-off, as part of a restructure that will see a fresh retro play brought to market for 1 January 2020.
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The renewal reflects significant repricing for the quota share following several cat losses in the period.
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The company is also placing its Markel Catco reinsurance fund into run-off.
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The European legacy specialist, led by CEO Tom Booth, had been considered the frontrunner to take the German book.
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Discipline will be key as the legacy market enters a period of rapid change.
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Half of the $700mn capital raise was allocated to DaVinci “based on opportunities arising from organic growth”, he said.
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The two firms did not secure approval from Bafin within the allotted nine months.
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Capital Returns has nominated a new board member before seeking discussions with FedNat’s management over various strategic matters.
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California earthquake carrier is giving policy holders $3,000 to strengthen their homes.
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The ending of a prolonged period of flux may entice new market entrants despite the disappointing size of the rate increase.
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