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The executive, based in Chicago, is a former broker and joined Argo’s ceded re team from Allied World in 2020. -
The executive takes over from Megan Thomas, who left to become the CEO at Hamilton Re in September.
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The carrier set up a "modest" retro vehicle but has plans to expand into other lines of business.
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The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.
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The charge comes at the end of Everest’s CEO Juan Andrade’s first year leading the (re)insurer.
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The total would give the Bermudian a higher yearly cat loss total than it recorded in 2017.
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The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.
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The Bermuda Monetary Authority had granted the InsurTech start-up a “sandbox” licence in 2019.
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Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
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Ascot will provide the reinsurance support for the index-based crop products.
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The reinsurer raised $16mn from a new sidecar issuance.
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A new mandate from an institutional investor has seeded the strategy.
