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The carrier’s programme management business’ GWP rose by 82% to $807.3mn. -
Jonathan Zisaruk will be based in London and report to group CEO Will Bridger.
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The transaction will mark Sompo International’s full withdrawal from the Lloyd’s market.
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The company expects to announce another similarly sized deal soon, and the rest of the year’s pipeline is “beyond expectations”.
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The deal is split into a ~£1.1bn reinsurance-to-close deal and a ~£100mn loss portfolio transfer.
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The executive was responsible for all types of legacy transactions, from structured adverse development cover to LPTs.
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The executive has come under fire from the company’s two largest shareholders, which are calling for his removal.
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The latest financial condition report for Darag Bermuda shows a $69.0mn loss after tax for 2021.
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Guy Carp is advising the specialty insurer as it seeks to draw a line under adverse development from its historic program book.
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The transaction will eliminate Enstar’s direct exposure to cat business and boost its book value.
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A very public shareholder dispute is taking centre stage at a firm in transition.
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The investor now has a ~9% holding in the legacy specialist.
