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Plus the details on CFC’s sale process, the latest on Ida and all the top news of the week.
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The executive joined Vantage on Monday, after spending the last 10 years at Axa XL.
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Ark raised $70mn in a debt offering last week, after raising €39.1mn and $47mn in July and August, respectively.
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“If we hit ’21, as I expect, based on most recent forecasts, and in ‘22 we get close to our plan, I think a possibility for this business would be a potential IPO in early ’23,” Cloutier told this publication on Tuesday.
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The cat market has a problem with sustained underperformance which, particularly following the ESG Awakening, could attract negative boardroom attention.
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Neville Weston, who will be based in Bermuda, will also become a member of Sompo’s reinsurance leadership team.
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Across London, the US and Bermuda, Ascot Re will provide P&C, PI and specialty lines cover via its new aligned division.
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The moves comes after the hedge fund reinsurer said on Wednesday it generated a roughly $5mn underwriting profit in Q2.
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The insurer cut average annual loss exposure by 40% more than a year ahead of schedule after shedding property limit and restructuring reinsurance purchases.
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The hire previously worked for BMS and Price Forbes.
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The former Alterra Global Reinsurance CEO will be responsible for establishing the new hub for the reinsurance broker.
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He suggested that the company might be willing to allow higher commissions.
