Ark
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Cat losses were lower year-on-year but other risk losses were recognised. -
The incidental syndicate will also house Liddell’s A&H team and Carr’s marine liability team.
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The carrier also reported a $16mn satellite loss during the quarter.
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The backed carrier expanded top line by 16% over the quarter.
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The renewal included $130mn from White Mountains, considerably less than the $205mn Ark’s parent kicked in for 2023.
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The carrier has hired Ed Atkin, Piers Harding and George Wallace from Talbot and Callum Bennett from Chaucer to run the new book.
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The combined ratio included 11 points of catastrophe losses, largely arising from Hurricane Idalia and the Maui wildfires.
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Carr has spent over 20 years in the market, holding several leadership positions at Tokio Marine HCC, Axis and others.
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business.
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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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