SiriusPoint

The hire follows the addition of former Berkshire Hathaway executive Michael Densham to expand the MGA’s Canadian operations.

As head of Americas P&C, Patrick Charles will expand strategic partnerships and oversee the launch of products and services.

The upward revision reflected significantly increased industry expectations, it said.

The carrier’s combined ratio improved by seven percentage points thanks to reduced loss and acquisition costs.

The deal follows a $37mn reserve charge taken by Third Point Re just ahead of the closing of its merger with Sirius International in February.

The SiriusPoint-backed business will focus on complex risks, such as IPOs, life science and SPACs.

The business will be headed up by Tim Usher-Jones, a former Chubb D&O executive in the Canadian market.

SiriusPoint posted higher underwriting income in the first quarter than a year ago and lowered its combined ratio to 96.6% from 98.6% in what was a heavy cat quarter for the industry.

The newly formed (re)insurer is to support the start-up led by AmTrust alumni.

Third Point Re also confirmed Tim Mardon as global property head and named Rachael Dugan as general counsel.

The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.

The structure simplifies access to Sirius E&S capacity for brokers.