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Insured losses in 2021 alone hit $20bn.
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ABIR reported that Bermudians posted a total loss ratio of 69.9% and a combined ratio of 100.1% last year.
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Former Natixis banker Alexandre Delacroix will focus on a range of capital market activities.
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Based in Austin and Dallas, Texas, the new company will provide fronting insurance to four US carriers.
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The carrier said its commercial business gave the company a platform to build on.
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In 2021, the US-Bermudian reinsurance composite’s combined ratio improved six points YoY.
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Cyber risk ILS will grow slowly in the short-to-medium term, S&P Global Ratings has predicted.
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The Sompo International company was placed into run-off in June 2019.
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The broker said EPS estimates for 2023 were broadly flat due to inflation fears.
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It is understood that the company is being advised by boutique investment bank/broking firm Stonybrook and TigerRisk Capital Markets.
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The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.