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The ILS industry in Guernsey was consulted to clarify legal and reporting requirements to meet the Code Group’s standards.
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The takeover was announced in October last year and all parties now anticipate closing the transaction “as soon as possible”.
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The deal covers liabilities for more than 150,000 pensioners.
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The US Department of Justice, the Securities and Exchange Commission and Bermuda Monetary Authority are conducting inquiries into the firm’s ILS subsidiary Markel Catco.
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After a consultation with shareholders, the board has decided to pursue “an orderly run-off”. -
The past two years challenged the catastrophe (re)insurance market more than any period since the Hurricane Katrina era in 2004-2005 – but it is far from clear what the outcome will be this time around.
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Renaissance Re issued $857mn new shares for the vehicle last year, as well as $457mn in the January 2019 renewals.
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The insurer declined to comment on how much limit of the EUR1.75bn cover was placed.
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The insurer took a $179mn hit to its Q4 results from loss of goodwill.
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The carrier renewed its retro contracts and expanded its K sidecar to $640mn for 2019.
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The manager said it also expected currently attractive cat bond opportunities to dissipate later in 2019.
