Bermuda
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The CEO says the carrier would consider raising equity if potential returns warranted it.
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Group CEO Juan Andrade will assume oversight of the expanding insurance arm. -
The move follows repeated years of underwriting losses for Syndicate 5151.
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The carrier notes that only 10,000 of UK SME clients with BI cover have been hit by the Covid-19 lockdown.
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Alex Poracchia was previously a partner at Deloitte UK.
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The total-return reinsurer called off its sales process yesterday and announced a buyback.
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Shares in the total return reinsurer traded up 3 percent after the news.
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The Bermuda company says its ADC deal with Enstar is bearing fruit.
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The likeliest bidders remain legacy firms such as Premia, Catalina and Enstar.
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The former CEO has instructed his lawyers to dispute what the company believes he should repay.
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The carrier has also appointed Kevin Chidwick as group CFO.
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The Bermudian platform sources casualty reinsurance deals for hedge funds.
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