Stocks
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Additional fundraise takes total committed capital to $2.7bn. -
Could a back-to-basics approach see ILS firms shun Lloyd's advantages for lower-cost alternatives?
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The new paired entity will allow the company to grow its reinsurance business, starting with a deal covering $10bn of annuities.
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The Bermudian start-up carrier has identified a team that includes Tristan McDonald as well as another Hamilton alumni Stuart Quinlan.
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The start-up, which is targeting a Day 1 IPO, will target a 5%-6% dividend yield and a mid-teen ROE.
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The rating of the new company has been assigned on a pooled basis.
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The reconstruction of funds backing Syndicate 1856 comes as the vehicle is expected to shift towards being a follow-only writer.
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The manager will support Apollo’s auto-focused Ibott syndicate as well as a contingency vehicle.
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Reinsurance demand will be up in the near term, but a stronger if smaller pool of carriers would be another desirable outcome.
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The carrier is moving to lift quota share support to reduce its retained exposure.
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HCI reported diluted earnings per share of $1.60 in Q3, compared to $1.02 a year earlier.
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The start-up says it is targeting a mid-teens return on equity and an A- rating from AM Best.
