Bermuda

The deal may replace a $55mn sidecar listed this time last year, which sources said provided reinsurance for a short-tail property insurance book.

Markel is fronting the deal, which will cover insurance business transacted for Nephila by State National.

Both tranches of the transaction priced at the bottom of the guidance range.

Insurers ceded 52 percent of gross losses in 2018, an increase of 2.4 percent on the 2017 total.

Axa XL has reorganised its reinsurance division with the promotion of four executives.

The vehicle is a PGGM investment with Munich Re, complementing the latter's Eden sidecar.

Insurance coupons on the latest Everest Re cat bond are more than 20 percent higher than a similar issuance in 2017.

A busier cat bond market is expected while a loss of investor confidence is squeezing the collateralised and sidecar markets, said managing director of GC Securities Des Potter.

Neon blamed the move on retro costs outrunning projected increases in its incoming business.

The deal points to a significant price correction in the cat bond market since 2018, with projected spreads up more than 20 percent when compared with past deals.

Andrew Holderness was previously head of global corporate insurance and worked at the law firm for more than two decades.

The firm also added former Aon brokers Robert Johnston and Peter Komposch to the Bermuda office amid the reshuffle.