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Over Q1, the loss ratio improved by 34.6 points year on year to 43.7%. -
The firm’s AuM was down 17% on $1.8bn as of 31 December.
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The fund has a strong focus on cedant quality and transaction structures.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The value of White Mountains’ stake in the ILS manager grew last year despite the firm shrinking its holding.
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The former Ledger director was joined by fellow ex-Ledger employees to “hit the ground running”.
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Charles Craigs will oversee Ascot’s sidecar and other third-party capital vehicles.
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The announcement confirms earlier reports from this publication.
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Sources said the deal was roughly three times over-subscribed as cat becomes hot.
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The carrier closed its Sussex Diversified Fund in October last year.
