Bermuda
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The former Validus Re CEO joined the reinsurance broker just under two years ago. -
The Mark Cloutier-led carrier reported improvement in its underlying underwriting result.
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The experienced executive joins the legacy acquirer from The Warranty Group.
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Richard Tomkins will relocate to become managing director of Tysers Bermuda Ltd.
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Bermudian reinsurer Maiden Holdings reported a loss of $22mn in Q2
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An M&A deal is seen as a way Sirius can reduce its concerns surrounding its financially troubled parent.
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The carrier encounters adverse loss development in its property, specialty and casualty and run-off divisions.
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The Bermudian total return (re)insurer affirmed Daniel Malloy as CEO and appointed him to the company’s board of directors.
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The legacy carrier will use the base to acquire insurance entities in run-off.
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The transaction likely values the business at between £140mn and £150mn.
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The Bermudian (re)insurer’s earnings of $0.77 per share beat consensus a consensus estimate of $0.67.
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The year-over-year improvement was driven by a 15.9-point improvement in its combined ratio and 26.7 percent growth in net investment income.
