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Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.” -
The new platform extends RenRe’s suite of ILS and reinsurance strategies.
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The executive will oversee management liability, healthcare and casualty/specialty reinsurance.
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Downgrades are expected to be announced next week for some Florida carriers that are “already winding down”.
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Part of the loan will be used to pay a $120mn dividend to HG Global equity holders.
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The ratings were withdrawn after the reports for the full-year 2021 fell short of requirements to maintain it, Joseph Petrelli, president at Demotech said.
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The move will leave nearly 8,000 affluent customers without coverage and unable to turn to state-backed insurer Citizens Property Insurance.
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The agency linked the downgrade to the group’s 28% surplus decline in 2021 from the prior year and a total decline of 35% over the last five years.
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ILS funds were showing pockets of positivity as market dynamics shift.
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She will remain based in Bermuda as head of risk capital strategy.
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The firm says that, without change, firms will be downgraded in the coming weeks.
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Carr was previously SVP, global head of property catastrophe at the reinsurer.
