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The business offers parametric windstorm coverage. -
Syndicate 1984 will be backed by Names under a modified freehold arrangement.
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The property and specialty insurer reported underwriting profits of $131mn ($170mn).
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CUO Rachel Turk said some syndicates were showing a “mismatch” in ambition and strategy.
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The London wholesaler rebranded from GAWS of London in March last year.
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The Italian carrier posted a record group profit of EUR7.3bn.
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For the prior-year quarter, the carrier reported a EUR9mn loss.
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The regulator has scotched plans to publish details of ongoing investigations.
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Both carriers have extensive reinsurance coverage.
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The market improved on attritional losses in 2024 – but slowing rate growth raises queries over top-line momentum.
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While market underwriting profit slipped 10%, the underlying combined ratio was under 80%.
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The company said it now expects the transaction to close in H2 2025.
