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The capacity backs the reinsurance underwriter to cover international risks outside the US.
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The specialty reinsurance market is experiencing high competition and staff turnover.
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Upon closing, the unit will be renamed First Product Protection.
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Ryan has consolidated its financial lines underwriting operations under a united brand.
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Barry Gale has spent almost five years at the broker.
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Syndicate 2047 is set to launch on 1 April, managed by Polo.
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A roundup of all the news you need, including the launch of an AI infrastructure facility.
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The sale will see a transfer of renewal rights and the product recall team.
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The facility is backed by a consortium including Arch, Munich Re Specialty and Scor.
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The LA wildfires resulted in the largest insured loss of the year, at $40bn.
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Preeti Gureja has held senior roles at Chubb and AIG.
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The 25-year industry veteran will report directly to CEO Adrian Daws.

