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The ex-Validus Re CEO will head up the pending Class 4 reinsurer after the White Mountains buy-in. -
The final limit raised was nearly 60% above the company’s initial target, as pricing dropped to the lower end of forecasts.
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The carrier expects “significant” operating income and “positive” net operating income for Q3.
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The new chief joins from Hiscox ILS with a mandate to expand the reinsurer’s third-party capital platform.
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The executive has begun sounding out investors about a retro offering.
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The Bermudian is expecting to pay $17mn in third quarter Covid-19 claims.
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Backing comes from industrial investor Ajay Kumar through his family office.
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Sources said the deal remained enticing despite spreads dropping
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The Bermudian is adding $10mn-$15mn to its Covid loss estimate as claims climb.
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The reinsurer also cited West Coast wildfires, the August derecho, Hurricane Isaias and Typhoon Maysak as contributing to the total.
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The carrier also says its Q1 Covid-19 loss estimate remains at $235mn.
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The reinsurer dubbed "Vantage" also secures Aurora Swithenbank as CFO.
