Bermuda

Ark raised $70mn in a debt offering last week, after raising €39.1mn and $47mn in July and August, respectively.

“If we hit ’21, as I expect, based on most recent forecasts, and in ‘22 we get close to our plan, I think a possibility for this business would be a potential IPO in early ’23,” Cloutier told this publication on Tuesday.

The cat market has a problem with sustained underperformance which, particularly following the ESG Awakening, could attract negative boardroom attention.

Neville Weston, who will be based in Bermuda, will also become a member of Sompo’s reinsurance leadership team.

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

The moves comes after the hedge fund reinsurer said on Wednesday it generated a roughly $5mn underwriting profit in Q2.

The insurer cut average annual loss exposure by 40% more than a year ahead of schedule after shedding property limit and restructuring reinsurance purchases.

The hire previously worked for BMS and Price Forbes.

The underwriting profits within the carrier’s US operations narrowed to $25mn, after higher economic activity and attritional claims caused margins to tighten.

The former Alterra Global Reinsurance CEO will be responsible for establishing the new hub for the reinsurance broker.

He suggested that the company might be willing to allow higher commissions.

The reinsurer grew its casualty pro rata reinsurance book by 64%, adding $218mn in GWP.