Property
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The MGU said it will use the fresh funds to refinance its existing bank facility and to support strategic growth initiatives. -
The carrier cut exposure to both earnings level and highly volatile cat events as it shed risk.
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Absent more significant reform, any changes this year look set to simply shift the timing of burdens falling on the public purse.
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The group will look to build on synergies between its insurance platforms.
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The reinsurer is expanding its Bermuda presence under the leadership of Tracey Gibbons.
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The broker put global primary property rates up 8% on average in Q4, a one point slowdown.
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The rise accounts for growth in the firm’s specialty auto book.
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The carrier purchased $100mn of additional catastrophe reinsurance, effective January 1, to support its property business growth.
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State Senator Jeff Brandes withdrew his amendment to an insurance omnibus bill but said he would bring the concept back before the legislature.
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CEO Albert Benchimol pledged to grow the company’s specialty business as the catastrophe portion of its 1.1 book shrank by 10 percentage points.
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The new company will focus on expanding into US coastal areas.
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The third-party capital raise came in 24% lower than January 2021, as the DaVinci sidecar took most inflows.
