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The fund has cut back in retro but plans US insurance expansion. -
The fund intends to pay 90 percent of its current cash to investors with much of its portfolio held in side pockets.
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It is understood that CFO John Parry, who joined the firm last year after holding the same role at Lloyd’s, will become interim CEO.
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The UK terrorism insurance scheme looks to add additional layers to its main 1 March retrocession renewal.
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The carrier said the market was in the early stages of rate change and it was hard to know how long improvements would last.
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The firm will consider writing more retro after raising $300mn new equity.
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Pricing slipped to the lower ends of the guidance ranges as the reinsurer upsized a hurricane tranche of the trade, sources said.
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The former Aon retro broker was previously CEO of the UK arm at Fidelis.
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The longevity swap is the second-largest transaction ever completed in the UK after the £16bn BT Pension Scheme deal in 2014.
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The cat bond covers hurricane and extreme mortality risks, according to sources.
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Further retro price increases at 1 January may not have yet produced much impact on the underlying reinsurance markets, but the true test will come at 1 June.
