Reinsurance

The legacy specialist started the fundraise in the wake of a collapsed takeover by Brickell.

Carriers have received more than 8,000 flood claims since 1 July.

The outgoing exec will remain as a board member, while chief strategy officer David Ni will lead the company’s M&A strategy going forward.

Mitsui, Tokio and Sompo are to split the loss, which will be absorbed by retentions and property XoL treaties.

The March earthquake that struck Fukushima in Japan will cost $2.3bn.

Reinsurer capital fell 8% in Q1 to $645bn on the back of mark-to-market losses, as nat-cat capacity contracted materially for the first time since the 2004-2005 hurricane season.

The deal would mark the second time the carrier has come to the legacy market in recent times as the syndicate’s turnaround continues.

The redomicile is part of a diversification strategy to broaden the carrier’s focus from Continental Europe to Lloyd’s and North America.

Sources described Australia as ‘the new Florida’ while US rates are also on the rise.

The legacy carrier will use the proceeds to refinance existing debt.

The legacy acquirer also struck a quota share deal for UK builders warranty insurance in 2021.

The biggest challenge with reporting on the legacy market is the lack of publicly available information to track the sector’s performance.