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The investment consortium has also finalized an operational partnership with Apollo Syndicate Management.
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Steven Kent, who worked at the carrier for just under five years, has joined GFG Alliance as CUO.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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Brokers are navigating a market where new capacity from underwriters who have waited out the soft market may help dampen price rises. -
The Floridian carrier has agreed terms for a new reinsurance treaty that increases its cession rate by eight points to 30.5%.
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Ada Capital will underwrite on behalf of new special purpose insurer Ada Re.
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Sources said that the carrier’s equity raise was the more efficient path to securing growth capital.
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The polarisation of views on Covid losses is so wide, and the sums at stake so large, that it is inevitable some reinsurance claims will end up in arbitration processes.
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The ruling will follow a final, uncontested court hearing on Wednesday.
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The start-up envisages expansion into insurance “in the coming years”, AM Best said.
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The executive takes over from Peter Welton, who was made UK & Lloyd’s CUO for marine, energy and aerospace earlier this year.
