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The ILS vehicle delivered a loss of $3.9mn to the parent group. -
The MGU said it will use the fresh funds to refinance its existing bank facility and to support strategic growth initiatives.
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The carrier cut exposure to both earnings level and highly volatile cat events as it shed risk.
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The move reflects the firm’s growing interest in risks beyond nat cat.
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Absent more significant reform, any changes this year look set to simply shift the timing of burdens falling on the public purse.
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The group will look to build on synergies between its insurance platforms.
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The reinsurer is expanding its Bermuda presence under the leadership of Tracey Gibbons.
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The carrier’s whole-account XoL retro also shrank by a similar margin.
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The broker put global primary property rates up 8% on average in Q4, a one point slowdown.
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The rise accounts for growth in the firm’s specialty auto book.
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The issuance will be the fifth time to market in FEMA’s cat bond series
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The carrier purchased $100mn of additional catastrophe reinsurance, effective January 1, to support its property business growth.
