Casualty/GL

The carrier reported a Q3 combined ratio of 138.8% for casualty within the P&C re unit.

The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.

The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.

The reinsurer said hardening of property reinsurance conditions must continue.

Mallen previously spent over 10 years at Chaucer, most recently as a US casualty reinsurance underwriter.

The sidecar has been launched alongside partner Stone Point Credit Adviser.

CEO Jean-Jacques Henchoz said it was “difficult to find a positive trend” in the global risk outlook.

The transaction covered a portfolio of $250mn in casualty risk premiums.

The AuM total hits $12.1bn when including Top Layer Re and RenRe’s own participation.

The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.

CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.

The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.