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Defence costs are expected to remain elevated, as weather losses have also weighed on results. -
Tougher positioning by reinsurers at the 1.1 renewal accelerated the practice of placing business at differentiated terms, Irvan said.
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The three reinsurers take ABIR’s membership to nearly 30.
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A recent stress test found that Bermudian carriers pared back their reliance on reinsurance since 2018.
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Other key hires include Marc Bearman as head of specialty for marine and energy and Andrew Smith as CRO.
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The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.
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The consultancy said losses were expected to keep mounting following Q4 disclosures.
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The hire follows a $18.5mn fundraise that the firm planned to use to expand in the US and Asia.
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Losses were relatively evenly divided between the two events.
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The insurer said its reserving was still adequate after the court supported its overall approach, but said biosecurity exclusions were not sufficient to decline claims.
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The 12 Days of ILS Christmas
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The carrier aims to regain its role as insurer of last resort after “unsustainable” customer growth.
