Retrocession

The new recruit joins after a 19-year international career with Axa XL.

The Reinsurance Opportunities Fund has started a buy-back process after shareholders voted in favour of a run-off.

In the hot summer of 1954, on the Cote d’Azur, Picasso created more than 60 portraits of his teen artist neighbour Sylvette David.

CFO Vogel says the impact of the event has yet to feed through into rates.

The executive promises a broader managed funds vehicle, whose strategies will also differ from those of Nephila.

Last week, Markel said it was placing its retro fund manager Markel Catco into run-off, as part of a restructure that will see a fresh retro play brought to market for 1 January 2020.

The company is also placing its Markel Catco reinsurance fund into run-off.

Half of the $700mn capital raise was allocated to DaVinci “based on opportunities arising from organic growth”, he said.

The reinsurer has secured $60mn of protection against named storms and earthquakes in the US from the capital markets.

Gregory Murphy said there needs to be greater understanding of reinsurers’ credit risk.

The 1 July placement is an addition to the scheme’s main £2.3bn programme.

Sources pegged the firm’s UNL retro purchase at around $150mn.