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Capacity was constrained but some ILS funds were able to grow, while cat bonds also propped up supply. -
The newcomer held the same role at the French insurer’s London hub for around nine years.
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The new vehicle gives third-party investors access to Premia’s run-off investments.
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Net assets have grown 5% year-on-year to $876mn as of 31 October 2020.
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Defence costs are expected to remain elevated, as weather losses have also weighed on results.
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Tougher positioning by reinsurers at the 1.1 renewal accelerated the practice of placing business at differentiated terms, Irvan said.
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The three reinsurers take ABIR’s membership to nearly 30.
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A recent stress test found that Bermudian carriers pared back their reliance on reinsurance since 2018.
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Other key hires include Marc Bearman as head of specialty for marine and energy and Andrew Smith as CRO.
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The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.
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The consultancy said losses were expected to keep mounting following Q4 disclosures.
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The hire follows a $18.5mn fundraise that the firm planned to use to expand in the US and Asia.
