Ark Underwriting
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Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio. -
Stokes has been with Pillar for nearly four years.
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The combined ratio included 17 points of catastrophe losses in the third quarter.
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The carrier also reported a $16mn satellite loss during the quarter.
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The renewal included $130mn from White Mountains, considerably less than the $205mn Ark’s parent kicked in for 2023.
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The Bermuda sidecar was established last year to support property cat underwriting in a hard market.
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business.
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The reinsurance sidecar was formed in Q4 to provide collateralised reinsurance capacity for Ark's global cat portfolio.
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TigerRisk Capital Markets & Advisory acted as exclusive structuring and placement agent for the reinsurance sidecar.
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Outrigger Re will write a quota share of Ark’s Bermuda property treaty book.
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The two Lloyd’s players are the first to bring sidecars to market as they seek to capitalise on surging projected returns.
