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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.
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The reinsurer grew its casualty pro rata reinsurance book by 64%, adding $218mn in GWP.
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The insurance division added almost $300mn in premium in the quarter, while volumes in reinsurance were higher by $360mn.
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Aspen said Mike Cain will still remain with the company through Q1 2022.
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The carrier has restructured its cyber business with stringent underwriting conditions.
