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The agreement for the casualty facultative reinsurance business comes after up-for-sale Maiden struck deals with Enstar and TransRe.
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CCRIF and its predecessor have paid out $136mn in total since 2007.
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Hurricane Michael is strengthening as it makes its way to Florida’s Panama City where it is expected to make landfall as a Category 3 hurricane. -
John Donald moves to the role from the position of managing director.
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Data from the Florida state insurance supervisor gives Universal an 8.3 percent market share in the counties lying in the path of the hurricane.
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A state of emergency is declared in 35 counties as the storm strengthens to a Category 1 hurricane.
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A stronger Hurricane Michael could produce double-digit insured losses.
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Shares fall more than 5 percent in early trading after the carrier warns of up to $75mn in losses from marine events and natural catastrophes.
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The catastrophe loss aggregator delivers its final tally for insured property losses from the storm.
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The storm is on track to hit the northern tip of Japan's Honshu island and the south of Hokkaido island.
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The up-to $14.5mn deal follows the group’s May agreement to buy Argentinian InsurTech Inworx for $50.5mn.
