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With Nephila’s market share slightly shrinking, RenaissanceRe and Gen Re moved up the Florida leaderboard.
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The start-up went live in May with the name McGill & Partners.
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Convex will also seek to tackle the cost of expenses plaguing most carriers across the industry by outsourcing non-underwriting functions “horizontally” with a single partner.
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Increased retro costs mean RenaissanceRe will likely be retaining more risk. -
WorldCover, a climate insurance provider to smallholder farmers, has raised $6mn from a fundraising round led by MS&AD ventures.
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The launch was first trailed this April.
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Broker Ryan Specialty Group signed up the US mutual insurer for a joint venture launching a Bermuda reinsurer.
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Fundraising is on hold due to the ongoing government investigations, Markel co-CEO Richard Whitt said.
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The broker stated that significant further capital may be deployed at a later stage to support expansion.
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Chris Demuth was previously a vice president at JLT Capital Markets.
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The new venture has been assigned financial strength ratings of A- by AM Best.
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The executive will lead on reinsurance in Bermuda for the soon to launch Catlin venture.
