Ascot

The nature of the hire demonstrates the level of competition for top talent in the sector.

“When you deploy property aggregate, the return you need on that is meaningful in light of the risk that you’re assuming,” Zaffino said Thursday. “I’m not sure if a plus mid-single digit [rate increase] gets you there in light of the [loss activity] we’re looking at.”

Plus the latest senior executive moves and all the top news from the week.

Across London, the US and Bermuda, Ascot Re will provide P&C, PI and specialty lines cover via its new aligned division.

The SiriusPoint-backed business will focus on complex risks, such as IPOs, life science and SPACs.

Rates are beginning to taper in cargo as new capacity enters and staff displacement continues to be high.

Syndicates and managing agents who want third-party capital support need to deliver on profit and transparency.

The carrier joins Liberty Specialty Markets Bermuda on the platform.

Binding insurers include Chubb and AIG, with reinsurance from Munich Re.

Ascot has promoted casualty and specialty CUO Ian Thompson to CEO of its Bermuda operation.

The CEO said there is still some way to go on pricing as he revealed $2.4bn premium expectations for the group in 2021.

The hire reflects Ascot’s push to build capabilities on the island.