Medmal (Medical malpractice)
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The group has hired Hines Associates to advise on the process. -
The reinsurance to close transaction is effective from 1 January 2025.
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The unit will write business from Australia, Canada, the UK and Europe.
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CEO Stef Raftopoulos said the company platform will let the operation reach a suitable scale.
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The carrier will only continue to offer lead capacity to some existing accounts.
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The vehicle is turnkeyed by Mission Underwriters.
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The portfolio will focus on international risks with a focus on the US market.
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The underwriter had worked for Axis and predecessor Novae for 17 years.
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The new team now counts 15 underwriters working with 1,600 brokers across 80 countries to reach more than 6,000 clients.
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Syndicates will sometimes baulk at the degree of oversight in Lloyd’s, but it remains a poor signal that a niche player like 1975 would walk away.
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Covid-19 has led to rate hardening and tightening terms in a market already challenged by social inflation.
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