Stocks

As the challenging operating market leads more and more reinsurers to raise third-party capital, it seems strategic benefits might be easier to come by than financial benefits, commentators have suggested.

Of the listed Florida-based insurers, Federated National and Heritage recorded the greatest increases on their Hurricane Irma losses by the second quarter reporting period.

Co-founder says the ILS manager's relationship with fronting carrier Allianz will continue.

It affirmed the carrier’s A financial strength rating.

Deal represents full exit for Man, KKR and management.

Sirius International Insurance Group and Easterly Acquisition Group have named Gallatin Point Capital as one of the investors on a private placement that will raise at least $213mn.

The Alleghany subsidiary has acquired rights to an $800mn portfolio from the company.

Tony Belisle has bought a further 500,000 depositary interests in the new class C shares of the firm’s London-listed Reinsurance Opportunities Fund.

Carey Olsen Bermuda has recruited former Appleby partner Gavin Woods to join its corporate practice.

Hurricane Lane is set to be more of a flood event than a wind event for insurers, the ratings agency said.

Aspen CEO Chris O’Kane said the acquisition by Apollo would help the group have additional scale and “take Aspen to the next level”.

Large nationwide US carriers dominate the Hawaiian insurance market, suggesting any claims impact from Hurricane Lane would be well within their retentions.