Reinsurance
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The target is in administration, having entered solvent run-off in 2003.
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The executive joins after nearly a decade at the Bermuda carrier's legacy peer.
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Adverse development from the 2018 accident year adds another $15mn to the tally.
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The carrier is expecting claims to more than double from the year-ago period.
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The modelling agency’s estimate factors in privately insured wind and storm surge losses from property and automobile claims.
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Tropical storm Barry has now strengthened, with the storm expected to make landfall tomorrow as a hurricane, according to data from National Hurricane Center (NHC) reconnaissance flights.
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Outgoing CEO Sean Downes will be executive chairman.
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Total economic losses are not expected to surpass $1.5bn, the broker outlined in its latest monthly catastrophe update.
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The personal lines giant has reined in its loss estimate for Camp Fire as other cedants show creep.
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The series of storms caused economic losses of $2bn, figures from Aon show.
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The Oslo-based carrier warns it will record a Q2 combined ratio of 107 percent after losing a dispute with Munich Re over Grenfell losses.
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