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The departure comes after a 21% contraction in GWP at the unit in H1. -
Ex-Novae deputy CUO to become active underwriter at Syndicate 2358.
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The January agreement remains subject to regulatory approval.
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Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
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The former RenRe third-party capital chief joins the Bermudian ILS firm.
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Two ILS leaders are working on a new launch with strategic broker and reinsurer alliances in place, sister title Trading Risk revealed.
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The two-tranche deal will provide US storm and Canadian quake cover.
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Syndicate 2358 will write specialty risks, an expansion from the Markel-owned platform's historic focus on property catastrophe.
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The launch will mark the third follow-only syndicate in the works within the Lloyd’s market.
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This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
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ADIA, Crestview and CVC back a fundraise equivalent to 45 percent of pre-transaction equity.
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The London market veteran holds several advisory positions and assists the UK government.
