Hiscox

Prabis does not envisage market softening at this stage, for reasons including wider macroeconomic impacts.

The reinsurer lifted net reinsurance premiums by 38%, although, on a gross basis, growth was lower at 5%.

He joins the division during a period of growth, with GWP surpassing $1bn for the first time in 2022.

The sub-syndicate will complement Hiscox’s existing portfolio, offering additional capacity to qualifying clients.

The division is deploying its own capital to make up for the lack of wider reinsurance and ILS capacity.

Hiscox is approaching the January 1 reinsurance renewals “with excitement”, and is ready to deploy extra capital if pricing proves sufficiently attractive, the CEO said.

Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week.

The loss portfolio transfer reinsures around $116mn of the group’s share of Syndicate 33 reserves from between 1993 and 2018.

Inflows allowed the unit to step up to the distressed Florida market.

The portfolio covers distressed Florida, Louisiana and US nationwide deals.

The firm generated total fees of $40mn including quota share commissions.

The former MS Amlin head of reinsurance takes up the CUO role next week.