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The ILS platform’s chief operating officer had helped drive growth to $1.5bn assets under management. -
The carrier reported it will absorb $17mn in gross catastrophe losses from Q2.
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The carrier said the ILS business was finding opportunities in the retro market where reduced capacity has “significantly improved rates”.
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Sean Downes will remain with the business as executive chairman.
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The plan would have “enormous unintended consequences”, the industry association federation says.
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The carrier has made refinements to the vehicle’s portfolio mix and the structure mix, Liberty Mutual told Trading Risk.
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Reinsurers that have been reliant on retro cover also pared back their market share, as the broker said mid-year renewals showed tangible pricing momentum.
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He became CUO in 2012, having also served in a range of roles including CEO of Hiscox USA, underwriter of Syndicate 33, and MD of Hiscox Global Markets.
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The bond has placed at the lower end of pricing guidance.
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The insurer paid a rate on line of 11.25 percent for its new personal lines cover.
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The California Earthquake Authority’s total risk transfer limit has almost doubled since 2015.
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Rising Jebi losses will contribute to a squeeze on capacity.
