Ark
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The carrier benefited from light cat losses and positive prior-year development in the fourth quarter. -
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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The White Mountains-owned carrier benefited from reserve releases from Hurricane Ida losses in Q4.
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White Mountains-backed carrier Ark has reported a 92% combined ratio for the third quarter, and a 95% combined ratio for the nine months to 30 September.
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Other industry executives recognised on the night included Ark CEO Ian Beaton, Lloyd’s CFO Burkhard Keese and Howden CEO David Howden.
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From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.
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