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The sale of the business was confirmed in June. -
The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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The InsurTech is disposing of some non-core business units.
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Jamie Cann, previous head of aviation and space at the Fidelis Partnership, also joined Axa XL.
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The facility will also provide a dividend to clients for the first time.
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Robert Salzmann has been with the Swiss Re insurer for a decade.
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Castel founder Mark Birrell will take the role of executive chairman.
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Lloyd’s has taken around 6% of aggregate US hurricane losses in recent years, and disclosed estimated net losses from Helene and Milton of $1.8bn to $3.4bn.
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The transaction has received all required regulatory approvals and closed.
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The Lloyd’s market chief stressed the need to grow into new classes and took aim at DA management.
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Analysts suggested Aviva could sweeten its offer for the UK personal-lines carrier.
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