-
The deal, first announced in March, secures Aspen $770mn in cover for losses in excess of $3.8bn, as well as $250mn in excess $4.8bn.
-
The company is targeting more than four-fold growth in program GWP and Ebitda at the unit of over $50mn by 2022/23.
-
PE backer Aquiline is thought most likely to seek a merger partner for the Bermuda-based legacy firm. -
The executive replaces Chris Fleming, who has been at Catalina since 2005.
-
The purchase is the latest in a string of deals for R&Q, including an agreement with the UK P&I Club last month.
-
The carrier has agreed to reinsure legacy business underwritten by Zurich from 1 October 2015 to 30 September 2018.
-
Its first transaction in the Asian market leaves the run-off group with assets totalling $7.2bn.
-
The book of occupational disease liability is highly volatile and payouts can be significant.
-
Aspen is the latest to pass the risk of unfavourable reserve development on to reinsurers.
-
The move is the latest in a string of deals with companies including BorgWarner, Zurich and Munich Re.
-
CFO John Parry, who joined the firm last year after holding the same role at Lloyd’s, will become interim CEO.
-
The carriers claim in a lawsuit that Maiden wrongfully stopped paying claims in late 2018.
