Lloyd’s

The executive had been appealing a misconduct hearing that initially upheld some charges against him.

Any firms that struggle to communicate on the new platform will be charged “translation fees” in the long term.

Yesterday, this publication reported that James Mackay was set to depart from his previous role at Aon Reinsurance Solutions.

The new syndicate will write cover for African Specialty Risks’ existing lines of business, with plans to enter new markets later.

The delayed introduction of phase two changes was at the request of the LMA, to allow more time for phase one implementation.

James Davidson will become CFO, and general counsel Benoit Waltregny will assume the additional role of deputy CFO.

Phase one of the launch is still slated to go ahead on 1 July 2024.

Risk Capital SA is a Luxembourg-based carrier with backing from Henry Junior Chalhoub, a member of the Chalhoub insurance dynasty.

Head of Lloyd’s relationships James Mackay joined Aon in 2019 after a 25-year stint at Argenta.

Other early users include Amwins, Aon, BMS Group, Consilium and Costero.

The question is whether the inherent value in CFC was in fact concentrated in departing executives David Walsh and Graeme Newman, or if the business can trade forward as it did.

The follow-only algorithmic syndicate has stamp capacity of $925mn for next year.