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The carrier recently expanded its reinsurance product suite in Bermuda. -
The sidecar was launched today by the Bermudian reinsurer and investment firm Carlyle.
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The capital will provide retro cover for life-focused reinsurer Fortitude Re.
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The protection covers the US insurance book for the 2024 and prior accident years.
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The carrier has been exploring launching into P&C organically or via acquisition.
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Mike Mulray joins from Everest, where he was EVP president of North America insurance.
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The MGA is also looking to build out its US mid-market professional liability expertise.
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The carrier has renewed and extended its capacity arrangement with the MGA.
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Improved performance and growing investment returns played a role in the upgrade.
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The Bermuda-based executive joined the Ardonagh Group’s reinsurance broking arm in March 2023.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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The company will continue its capacity partnership with the MGA until 2030.
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