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The merged entity will also look to focus on higher margin lines and invest in InsurTech. -
The personal and commercial lines book will be folded into recently-acquired Centauri Insurance.
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The (re)insurance services company recently hired a COO for its ILS operations.
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The carrier also expects to report $23.4mn of reserve strengthening in its results on 25 February.
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The CEO says the carrier deployed most of the $340mn raised in June at the 1 January renewals.
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The combined ratio deteriorates by 26.9 points to 107.8%, though comes in ahead of forecasts.
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This came as Everest Re fell to a $44mn underwriting loss on a pre-reported prior-year reserve charge.
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Third Point Re also confirmed Tim Mardon as global property head and named Rachael Dugan as general counsel.
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The reinsurer was chasing a high 15% net return target but said lower demand and capital trapping made this unachievable
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The executive had been president of Bermuda for Chubb’s reinsurance arm since 2011.
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The executive will join the reinsurer ahead of the close of its merger with Sirius International later this month.
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Following his departure Axis’ third-party capital unit will become a standalone division.
