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Executives anticipate strong rate growth in primary and property reinsurance lines. -
The division is led by Stacy Paquet, with capacity provided by Professional Solutions Insurance.
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John Isherwood, now CEO of the globals reinsurance unit, will take over from Eric Smith when he retires.
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The unit also cuts its property cat appetite and reduces line sizes in casualty lines.
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Analysts remain unconvinced that the US casualty reserving crisis is behind the carrier.
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Cat losses and large man-made claims weigh on the division's earnings.
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The surprise move reflects a desire to bolster profitability at the specialty business, group CEO Buberl says.
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The company reported catastrophe losses of $284mn for the fourth quarter, compared with $402mn in the same period a year earlier.
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The insurer had previously considered cutting back its programme to $1.9bn.
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The International Group originally notified reinsurers of a $115mn loss.
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Richard Milner joins as senior managing director at Aspen Re International.
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Ciara and Dennis may turn out to be the most significant European windstorm losses since 2018.
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