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Sources said MarshBerry was retained earlier this year to run the sale. -
Michael Brooks, SVP, head of transactional liability, will be taking over temporarily.
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The company has settled, or is in the settlement stage, for 80% of the exposure.
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Competition is high in specialty reinsurance as new capacity enters the market.
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The Bermudian's first quarter cat losses totalled $333.3mn, compared to $103mn a year ago.
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Their next destination remains unknown.
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Sources suggested that the multiple could be as low as the 13x range as valuations reset.
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Insurance Insider revealed earlier this week that the underwriter had resigned from Allianz.
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The CEO said Ascot would deploy capital where it sees opportunities.
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Soft conditions have led to “less acute" underwriting discipline, sources said.
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The headcount at the start-up now stands at around 40.
