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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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The syndicate is targeting capital allocation for 1 January, the company confirmed.
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Lenders include Morgan Stanley, Permira and Bridgepoint.
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Blackstone-style capital seeking to get closer to source is a net negative for reinsurers.
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Cedants target methods of reducing pressure on earnings as reinsurers chase growth.
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The carrier’s chief buyer urged a partnership approach from reinsurers.
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Cat bonds have outperformed private ILS strategies in the YTD, according to ILS Advisers.
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Former head of construction Bill Creedon will assume the role of chairman.
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Bazan Group’s refinery near Haifa was badly damaged by Iranian bombardment in June.
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Lloyd’s has pursued a Big Game Hunting strategy to lure major insurers into the market.
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New capacity continues to flow into the hull market, despite rating pressure.
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Bill Bouvier has spent more than three years at the legacy firm in this role.