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The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.

William Mills was most recently group head of ceded reinsurance and third-party capital at Allianz.

The partial redemption values Ordinary Shares at $3.33 and C Shares at $17.50.

The market share for the storm of 3%-5% is below syndicates’ historical average for US wind events.

Outrigger Re will write a quota share of Ark’s Bermuda property treaty book.

The municipal bond insurer first raised collateralised reinsurance cover in 2018 in a smaller $100mn deal.

The London-listed carrier said that market dislocation could last for years and had created a strategic opportunity for the carrier.

The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.

The manager received a mandate from a new investor who had taken the call to come in ahead of Hurricane Ian.

Hurricane Ian losses at United Insurance Holdings (UPC) Insurance have nearly reached the top of its personal lines reinsurance tower, company executives said on its earnings call.

The reinsurer flagged changes will be made to its retro programme in 2023 after cutting its cat book and as the retro market has hardened.

The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.