Bermuda
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The move follows Third Point’s $788mn takeover agreement for the (re)insurer. -
Still some way off Category 1 intensity, Paulette is expected to reach the Leeward Islands on Thursday night.
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CEO Simon Burton adds underwriting brief to his current role.
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Ron Bobman says a deal valuing the carrier at $26/sh, or $500mn, will not win shareholder approval.
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The Bermudian manager is looking to broaden its platform.
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Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
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The carrier showed improvement in the underlying profitability of the carrier as the turnaround continues.
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The reinsurer will still write treaty engineering, where it is still a key player for the market.
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The PE firm, whose founder sits on the Bermudian’s board, began building the stake in March.
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The PE firm’s holding in the Bermudian carrier is worth roughly $259mn.
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The executive joins after 15 years at the Fairfax-owned carrier.
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Third Point’s current CEO Malloy called the timing of the deal ‘critical’ as the 1 January renewal looms.
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