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With roughly 200 employees, the South American operations generated over EUR130mn in 2024 GWP. -
The company also purchased $15mn of SCS parametric coverage.
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The specialty reinsurer also saw several bad investments hit the books.
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The LMA head also praised Velonetic for transparency on Blueprint 2.
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The company has also expanded its relationships with US and UK MGAs.
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The newly created role consolidates leadership across UK entities.
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The underwriter was head of financial institutions at LSM for six years.
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Matthew Doherty joined the reinsurer in 2018 as SVP, property portfolio manager.
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The reinsurance CoR decreased 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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The Canadian insurer saw property rates dip across its global divisions.
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The business posted a 95.2% undiscounted combined ratio.
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AJ Gallagher has responded to a request for additional information under the HSR filing.
