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Losses at StarStone narrowed as the carrier cut premiums while Atrium profits were up 90 percent.
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The outgoing chairman will be replaced by the former banker, who has been Axis’ lead independent director since 2012. -
The Bermuda carrier will take a 29.5 percent slice of the listed trade credit insurer but rules out a full bid for at least 12 months from the deal closing.
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Chris Conway joins TigerRisk from Neon Underwriting Bermuda, where he was senior vice president.
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CFO John Parry, who joined the firm last year after holding the same role at Lloyd’s, will become interim CEO.
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The legacy insurer said that its investment reflects a belief that the business is “considerably undervalued”.
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Group profits slip back due to cat loss reserve strengthening.
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The carrier may also expand in power and niche aviation as conditions improve, CUO Paul Gregory told analysts.
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The CEO backs Lloyd’s decision to hone the focus of its Blueprint on three areas this year.
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Improved pricing, a strong investment turnout and lower catastrophe losses propel profit more than threefold.
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The Abu Dhabi Investment Authority becomes a new shareholder in the company via the fundraise.
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The mutual has no restrictions governing the potential sell-down of its 8.4 percent stake in the French reinsurer.
