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Top Stories / Ad / Most Recent
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The start-up is aiming for a July 1 launch, initially offering non-admitted property coverage in the Northeast and Midwest, before expanding into other lines. -
The ratings agency has also affirmed the A- FSR of Convex’s UK and Bermudian entities.
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Claims from Winter Storm Uri will cost the carrier about $43mn, before tax.
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The reinsurer has provided the MGU’s Delaware parent company with an undisclosed sum.
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The insurance group says the Texas winter storms will likely cost the industry about $15bn in total.
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The executive said opportunities at present were “unprecedented” and that he expected the firming market in long-tail lines to last "a long time”.
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Last year, RenRe reported an operating profit of $33mn in Q1 due to Covid-19 losses.
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The carrier says it expects winter storms Uri and Viola to account for between $80mn and $90mn of claims absorbed during the period.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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Landi has led Argo’s US management liability platform since his arrival at the business in 2016.
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The executive says the carrier made strides last year in its underwriting and is well positioned for growth.
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The legacy company chief will also receive a $20,000 monthly housing allowance as he relocates to Bermuda from the UK.
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