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Costs outpaced the European benchmark rate change, but Covid loss negotiations have been deferred. -
The Australian carrier expects a $1.5bn annual loss amid Covid losses and claims development.
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Shares in the Australian carrier slumped 12% following the disclosure.
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The updated spread implies a slightly lower multiple on the retro quake notes.
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The carrier’s long-standing client Alfa has become an equity investor.
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The Credit Suisse-managed firms will stop underwriting new business as of 1 January.
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Former president Widdicombe has taken the role of chairman, as planned, but won’t serve on any board committee.
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If the fundraise closes, the business will operate as a “permanent capital” monoline retrocessionaire.
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The German carrier pegs the full-year impact of the pandemic on its reinsurance operations at EUR3.4bn.
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Scor sought higher-priced agg cover, but Munich Re achieved below-average uplift on its occurrence treaty.
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Emmanuel Clarke, Frédéric de Courtois and Benoît Ribadeau-Dumas reportedly compete with insiders including Laurent Rousseau.
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The start-up envisages expansion into insurance “in the coming years”, AM Best said.
