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The firm has hired former head of specialty at Ariel Re, Amit Shah. -
The insurer’s reinsurance and ILS business is “performing strongly,” said outgoing CEO Bronek Masojada.
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The Florida carrier saw development from hurricanes Irma and Sally.
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Review of quarterly financial updates released so far shows Bermudian carriers wearing major losses.
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Sidecars have lost some of their lustre in recent years but are still generally seen as an efficient diversifier.
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The insurance product is set to launch in Jamaica, the US Virgin Islands, the Bahamas and St Lucia in 2021, with further expansion planned for 2022.
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The carrier’s primary unit CorSo also bettered its combined ratio by 24.9 points on last year’s figures.
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The carrier has also exited US MGAs exposed to North Atlantic cat risk.
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Reserve releases more than doubled compared with Q3 2020.
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The carrier was hit by losses from hazards including hailstones 16cm wide.
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The CEO and president said he expects to shrink the portfolio for retro-focussed sidecar Upsilon.
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The reinsurer grew GWP by 55% – to $1.77bn – helped by a surge in reinstatement premiums, but the company was weighed down by $727mn in net cat claims.
