Reinsurance
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The business, which has ~EUR300mn of book value, is expected to launch a process. -
Insolvencies caused by the tariffs could also cause increased losses
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The Kelso and Arch-backed run-off player has retained Evercore to advise.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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The legacy carrier reported an operating loss of $45.3mn for the year.
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The combined business volume of the two firms is CHF20.1bn.
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The firm acted as the front for Trouvaille Re, the E&S property sidecar for MGA AmRisc.
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Insured losses were the second highest on record for the first quarter.
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Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
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Representatives from the UK broker have been ordered to appear before magistrates on 7 May.
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Why have reinsurance start-ups remained so rare in recent years, even as underwriting conditions have improved?
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Being the “new kid” has created interest in the market, Mereo CEO Croom-Johnson added.
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