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The $1.5bn deal also entails a reinsurance co-operation agreement between buyer and seller.

The Sompo International-managed fund’s written premium base shrank to $4.2mn.

The firm’s Mt Logan sidecar posted assets of $1.2bn, up from $1.1bn three months earlier.

The Florida-based carrier said prior-year loss events including Hurricane Irma produced negligible development in the period.

BGC Partners has agreed to buy Lloyd's broker Ed Broking from private equity house Lightyear Capital, adding to its previous acquisition of London market intermediary Besso.

CEO Vegard Nilsen said direct capital provision at Lloyd's didn't meet its return targets.

Catastrophe losses added 9.0 points to the (re)insurer’s combined ratio as Hurricane Florence and Typhoon Jebi pushed up losses, mainly impacting its reinsurance division.

The firm’s insurance division took the bulk of its losses.

Coin Re will aim to reduce the cost of insurance by aggressively reducing reinsurance costs, Blanch said.

The reinsurer reported EUR177mn of losses from named Q3 disaster events.

The insurer took a further $450mn cat losses net, led by $161mn from Hurricane Florence.

UK bank Lloyds has set up a JV with the investment manager, which owns a share in $3bn ILS manager Secquaero.