Bermuda
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Sirius shareholders favour the deal but dissent on compensation proposal.
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Ada Capital will underwrite on behalf of new special purpose insurer Ada Re. -
The carrier said its new EUR750mn funds from Covea would help to reduce financing costs.
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The Bermuda reinsurer's net income per share fell 5% to $206mn during the period.
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The Bermudian start-up carrier has identified a team that includes Tristan McDonald as well as another Hamilton alumni Stuart Quinlan.
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The start-up, which is targeting a Day 1 IPO, will target a 5%-6% dividend yield and a mid-teen ROE.
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The carrier leaves its Covid-19 loss estimate unchanged at $42mn.
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The reinsurer's combined ratio deteriorated by 2.4 points in Q3 to 100.4%.
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The disposal plans are the latest of a string of restructuring measures under the leadership of CEO Kevin Rehnberg.
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The international segment’s underlying loss ratio improved by 15 points to 50%.
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Former CEO Ryan Mather returns to helm Ariel, and will also oversee underwriting for SPA 6133 under a pact between the acquirers and Apollo.
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Sources said AIG is offering some staff guaranteed bonuses and stay packages.
