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The reinsurance broker is looking to recover over £10mn and impose an injunction to ensure the return of confidential information. -
Around 15 producing brokers are on the move, with a number from the non-marine specialties team.
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The broker says the ILS alliance will "meaningfully increase" its capacity in three segments.
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Marcus Foley joins the Bermuda office, while Tim Radford will work in London.
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The merger may cause price increases or reduced service levels for major insurance buyers.
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The executive’s hire continues a run of talent that has joined BMS in the past year.
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Along with its reinsurance platform, the company plans to help brokers hold in-house auctions.
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The intermediary cited Convex and Vantage among new entrants adding capacity to the market at the renewal.
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US contracts are still pricing at a 10%-15% premium to January 2020 levels, but excess retro capacity may impact the smaller market.
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The move is part of a wider expansion in BMS’s reinsurance broking capabilities.
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By year-end some bonds were trading at above-par levels that put implied spreads 15%-28% lower than mid-year when the deals were issued.
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The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.
