Hiscox
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The move comes as Markel Re closes down its independent cat reinsurance underwriting.
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The former Hamilton Re leader replaces Mike Krefta, who announced he was stepping down in August.
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The estimate fell below the midpoint of Hiscox's prior modelled BI loss range. -
Nephila’s fall in AuM contributed to the trend of specialist firms shrinking, as reinsurer-backed assets were up modestly.
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The reinsurer wants to take more net risk after raising £400mn new equity earlier this year, but is facing a steep drop in ILS support.
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The firm's ILS AuM remains at $1.5bn nominally, but reserves pulled deployable capital to $1bn.
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A Hiscox group is seeking £52mn while lawyers for a QBE group action have secured funding.
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The late July High Court hearing will also involve Arch, Argenta and QBE.
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The scheme could see claimants in different sectors offered pence per pound of limit purchased.
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An analyst said the fundraise offered investors “a secure balance sheet” at an attractive valuation.
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The carrier says it has sufficient capital to meet expected liabilities from Covid-19.
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The insurer highlighted its reinsurance cover in place as it downplayed the scope of BI exposure.
