Reinsurers

Whether the Texas Deep Freeze ends as a $12.5bn, $15bn or $20bn insured loss, it will be a medium-sized cat event that will deal an earnings hit to carriers with exposure to the affected states.

The former Arch managing agency director will focus on legacy business, M&A and alternative capital.

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The carrier increased US-exposed reinsurance limit by EUR250mn but almost halved its group aggregate.

The latest loss figure has climbed by more than $300mn in the past year as the pandemic has delayed clean-up operations.

The executive joins from DXC Technology, where he worked after spending 14 years at Lloyd’s.

The carrier revealed 10.9% premium volume growth at 1.1.

The merged entity will also look to focus on higher margin lines and invest in InsurTech.

Mathias Neumann was chief underwriter of casualty and specialty at the Japanese company.

In other appointments David Govrin becomes global CUO and Americas reinsurance president, and Monica Cramér Manhem international reinsurance president.

The PE house will inject growth equity capital into Premia after the all-paper deal.

The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.