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However, the deal is low-to-mid ranking in terms of book multiple. -
Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.
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Performance declined at the reinsurer’s third-party ventures owing to Q3’s big cat events.
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The hire comes after the intermediary agreed to buy Bermudian business Foram.
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The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.
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The ratings agency said the island would continue to provide a beneficial environment for carriers overall.
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Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.
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The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.
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Kate Vacher has taken on the role of CEO for the reinsurance broker’s Bermuda entity and will report to Angus Milgate, head of international treaty reinsurance.
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Markel reported that investigations by the DoJ and SEC have concluded with no penalties or action taken against the company.
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Neville Weston, who will be based in Bermuda, will also become a member of Sompo’s reinsurance leadership team.
