Commercial E&S
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The California-based carrier had to tap reinsurers for two reinstatements in Q4.
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Roche raised concerns about the "reemergence of social inflation". -
Kessler originally joined as chief actuary at Ace Westchester in 2003, while Konz arrived from Aon Benfield in 2012.
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The hire follows a $18.5mn fundraise that the firm planned to use to expand in the US and Asia.
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It is expected that the transaction will close in the first quarter of 2021 and that Vault will retain its A- rating from AM Best.
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The rating of the new company has been assigned on a pooled basis.
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The Nephila co-CEO said he is not doing "backflips" over rate increases due to increased loss costs.
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The Midwest derecho in late August accounted for about $103mn of the carrier’s quarterly claims tally.
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The former New Ocean and CIG Re leader is expected to join the start-up alongside other major market names.
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The CEOs of Aon Reinsurance Solutions, Willis Re and TigerRisk predict limited rate gains, but up to $10bn of incoming capital.
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Ex-RenRe CUO is eyeing a start-up, while other new propositions tussle over Ariel.
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Cal Fire says the SCU blaze in southern California is also 60% contained.
