Stocks
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Lawyers are diligent in finding avenues to bring litigation against insurers, FedNat’s CEO Michael Braun told analysts on Thursday.
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The reinsurer wants to take more net risk after raising £400mn new equity earlier this year, but is facing a steep drop in ILS support.
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The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO. -
The loss-hit fund’s NAV has increased more than five-fold to $40 a share since the stock merge.
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The retro vehicle has only picked up a small share so far but this will grow.
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The insurer had previously confirmed details of its $4.5bn treaty renewal.
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An expanding book of primary business and the elimination of quota share agreements helped boost profits.
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AIG turned a $2mn investment loss from its small stake in the ILS manager's funds.
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The move comes amid a planned wind-down that began last August.
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The (re)insurance supervisor calls for “skin in the game” from all risk owners to reduce the risk of moral hazard arising from any state backstop.
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The new issuances mean the 2020 Eclipse Re series now comprises $86.6mn of cover.
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After rapid intensification ahead of landfall, Hanna hit southern Texas as a Category 1 hurricane.
