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It emerged in November that the carrier’s construction head Daniel Abramson was leaving the business. -
The transaction would have been one of the largest the market has seen for years.
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Swiss Re will transfer its Genoa-based hull business to Dual Europe and provide the MGA with underwriting capacity.
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The executive joined the legacy carrier as CIO in 2020.
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Sources said that the market was not sufficiently profitable to concede ground on pricing.
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Envelop SPA 1925 was launched at the start of the year with Chris Baddeley as active underwriter, based in London.
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InsurX launched into the D&F market earlier this month and plans to facilitate the placement of around $30mn of property D&F business.
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The marine entry will be backed by Axeria IARD, SiriusPoint and Sompo International.
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The timeline for the centre launch was announced at last year's CFC Cyber Forum, in which CFC's then CUO described the launch as a “coming of age for the cyber market”.
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The carrier confirmed that coverage will renew on 20 February 2024.
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The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.
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High staff turnover in the cargo market is continuing this year, following elevated movement in 2023.
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