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The Bermuda carrier will be an initial investor in Griffin Highline.
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Updated figures include roughly 25,000 more policies than Citizens had predicted in June.
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The former Liberty executive’s long-term ambition is to build a tech-enabled, London-based risk carrier to align with the Future at Lloyd’s vision. -
In June, the company renewed its reinsurance program, holding the program’s retention for Florida events steady at $43mn.
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The carrier had topped up its cover earlier this month after Laura triggered recoveries.
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The move follows a complaint and an investigation showing the firm had breached Bermudian law.
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The figure compares with around $50mn in pre-tax cat losses in Q3 2019 from Hurricane Dorian and other events.
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Nicholas Hughes will become retro head, while Guy Hengesbaugh and Aaron Coates join as underwriters.
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The carrier's Ada Re vehicle will join its Turing Re sidecar, but its capacity is not known.
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The event may be more evenly split between insurers and reinsurers due to its impact on Florida's border counties.
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Financial Services Director General John Berrigan wants to establish a new working group which will report back with proposals in the first quarter.
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The appointment follows a number of senior departures from Aon’s reinsurance ranks.
