Ark
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business. -
The company announced on Wednesday that Liddell’s deputy Thomas Leonardo would succeed him as global head of A&H, with immediate effect.
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The carrier has expanded its team since launching into the class of business in 2020.
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New sidecar Outrigger Re posted a combined ratio of 21% and gross written premiums of $44mn.
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The carrier benefited from light cat losses and positive prior-year development in the fourth quarter.
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TigerRisk Capital Markets & Advisory acted as exclusive structuring and placement agent for the reinsurance sidecar.
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Outrigger Re will write a quota share of Ark’s Bermuda property treaty book.
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The carrier boosted gross written premiums by 33% and posted profits of $24mn.
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The two Lloyd’s players are the first to bring sidecars to market as they seek to capitalise on surging projected returns.
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The carrier focuses on risk and treaty catastrophe A&H coverage through its NOA Syndicate.
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The carrier also reported a pre-tax $21mn loss for the second quarter of 2022, driven by unrealised and realised losses on investments.
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Cat losses added 16 points to the combined ratio during the quarter, including an unquantified impact from Ukraine claims.
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