Bermuda
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Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.” -
The new platform extends RenRe’s suite of ILS and reinsurance strategies.
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The executive will oversee management liability, healthcare and casualty/specialty reinsurance.
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NDAs have been sent out to global insurance groups and heavyweight PE firms, it is understood.
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Carr was previously SVP, global head of property catastrophe at the reinsurer.
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The reinsurance deal will require James River to write off $6.8mn in Q1 2022.
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The ratings agency said it could revisit the ratings if James River’s loss portfolio transfer agreement with Fortitude Re does not go through.
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The stock hit new lows after James River booked a $115mn reserve charge and posted a Q4 combined ratio of 140.6%.
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CEO John Boylan expects "material" increase in premium in 2022.
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The start-up Bermudian reinsurer has focused initially more on quota share.
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Since joining the company in 2003, Orla Gregory has held increasingly senior roles, rising to acting CFO in September.
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