CFC
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The new team now counts 15 underwriters working with 1,600 brokers across 80 countries to reach more than 6,000 clients.
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The contingency book was skewed towards prize indemnity and over redemption, representing less than 1% of CFC’s business.
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Claims data points to a lower average cost of claim per claimant for a systemic event compared with attritional or non-systemic claims, according to head of cyber James Burns.
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In an interview, group CEO David Walsh and CEO Graeme Newman discussed securing growth, technology and the importance of capital optionality following CFC’s most recent PE buy in.
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The new London Bridge framework is less useful to the bulk of specialist ILS asset managers than it is end investors.
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The record-breaking deal valued CFC at more than £2.5bn, equivalent to in excess of 40x Ebitda.
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CFC group CEO David Walsh has said his firm will not need to pursue inorganic growth via M&A with the additional firepower secured with the MGA’s buy-in deal with private equity houses EQT and Vitruvian.
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Insurance Insider revealed yesterday the capital injection had valued the business at over £2.5bn ($3.5bn).
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The valuation represents a sector-leading multiple of in excess of 40x Ebitda.
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This publication revealed in April that Evercore had been retained to run a process for the cyber-focused MGA.
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The new CEO identified cyber reinsurance as an area where the carrier could look to grow in a core class.
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The management change follows a period of major expansion for the business, which has launched its own syndicate.
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