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The buyer says the deal involves revenue of about $1.3bn and earnings of around $357mn.

Many carriers agreed on the growing attraction of primary markets but differed on reinsurance-expansion tactics.

United Insurance Holdings reported a core after-tax loss of $19.4mn for the first quarter of 2021, as elevated natural catastrophe claims from Winter Storm Uri and a $30mn reserve charge weighed on the carrier’s results.

The carrier last year said its K sidecar would pick up Covid claims over time.

The carrier increased premium volume by 20% at 1 April as Japanese cedants lifted limits.

Syndicates and managing agents who want third-party capital support need to deliver on profit and transparency.

The reinsurer said it had significantly grown its casualty underwriting portfolio, but also returned $230mn via share buybacks to mid-April.

Chairman Paul Folino said he expected the deal to be completed over the second quarter.

Covid-19 losses remained stable as the insurer said rate rises should endure.

The jurisdiction’s ILS market is growing as sponsors take advantage of Singapore’s fee rebate, but can it sustain its growth and take market share from Bermuda?

The insurer racked up $915mn of qualifying cat losses after winter storms.

The former Blue Capital portfolio manager is joining the wildfire-focused MGA to lead underwriting.