Casualty/GL

The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.

CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.

The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.

Kattan’s role will include establishing the strategy and structure of SiriusPoint’s global ceded reinsurance function, managing the ceded team based in Stockholm and overseeing all reinsurance placements.

The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.

The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.

The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.

The bulk of risks linked to a new investment grade cat bond it is working on relate to US private motor risks, with a fifth from commercial motor.

O’Donnell will focus on strategic and tactical operations within global reinsurance alongside his continuing responsibility for Chubb Tempest Re USA.

Chuck Scherer will report to Jonathan Reiss, chairman of SRS Bermuda.

The ILS manager said returns on casualty ILS were "much higher than on the diversifying nat cat perils such as Italian quake or German flood".

Howden Tiger worked on the structure of the deal with the unnamed syndicate.