Brit
-
The partnership will add more capacity on the platform from April.
-
The carrier closed its Sussex Diversified Fund in October last year.
-
The underwriter will report to Kristina Maffit.
-
The Bermuda-based collateralised reinsurance platform Sussex Capital was set up in December 2017 and had more than $400mn of assets at its peak.
-
The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
-
Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
-
The company’s Syndicate 2988 exited direct property business.
-
The carrier’s Ki syndicate made an underwriting profit.
-
The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
-
The former Peak Capital and AlphaCat exec will take on a general investor relations role, while Kitade will focus on business development in Asia.
-
-
Fairfax-owned carriers Brit and Odyssey Group generated Q3 combined ratios of 118.0% and 109.5% respectively as cat losses took their toll on the businesses.
-
Before joining Fairfax, Martin Thompson served as president and CEO at RSA Canada, where he worked for over two decades.
-
The executive has worked for the company for two decades.
-
The algorithm uses ultra-high-resolution aerial images and data that pinpoints, color-codes and displays properties by damage classification.
-
The insurer more than doubled fee income to $25.2mn on increased MGA business and after launching the Ki syndicate.
-
Fairfax has sold a 14% stake in the carrier to Canadian pension fund Omers for $375mn.
-
The deal was the first time a UK multi-arrangement ILS vehicle was used to issue a cat bond.
-
RSA’s Scandinavia finance chief will replace Mark Allan, who is moving to run new syndicate Ki.
-
Spread guidance has dropped to the bottom of the carrier’s target range.
-
The bond is being issued through the company's third-party capital vehicle Sussex.
-
The New York PE firm says the data-powered business offered a “unique opportunity in Lloyd’s to revolutionise the market”.
-
Sussex and Versutus investors narrowed their loss from H1 2019.
-
The London market veteran holds several advisory positions and assists the UK government.