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Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London. -
Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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The PE house will inject growth equity capital into Premia after the all-paper deal.
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The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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ARPC said the move improves the pool’s capital strength.
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The A$14bn pool will switch brokers on 1 April.
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Competition has ramped up over the last two years and now represents a threat to returns.
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The new launch will be managed under an Apollo turnkey, and looks set to take on run-off liabilities from the Lloyd’s carrier.
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He has held a seat on the company’s board since 2017.
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The move from Fidelis to hand back $275mn of capital is rare in a "use it or lose it" world, but what does this say about the direction of the retro market?
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The reinsurer was chasing a high 15% net return target and said lower demand and capital trapping made this unachievable.
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