Lloyd's
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Ryan Alternative Capital Re was launched in partnership with Axis Capital. -
The capital supported sidecar-style syndicates and reinsurance start-ups.
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Syndicate 1440 was approved to assume business incepting January 2026.
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The ILS manager revised down slightly its forecast for the syndicate’s 2023 YOA.
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The headcount at the start-up now stands at around 40.
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Recent transactions on the platform include cat bonds from Flood Re and Brit.
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MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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Both syndicates also reported a deterioration in their combined ratios.
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This came as the market’s underwriting profit dipped 10% for 2024.
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The executive spent a brief period at Wakam in a capital and reinsurance role.
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The deal is being issued through Lloyd’s London Bridge 2 PCC.
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The vehicle has $2.55bn in capital committed by institutional investors.
