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The deal brings an end to Prudential’s participation in non-core legacy property and casual business. -
The rating agency cited economic recovery, a strong housing market and improved capitalization as key factors driving its revision.
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James River ceded approximately $345mn of commercial auto liabilities relating to business written for Uber’s ridesharing business.
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The newcomers are finding it more difficult to disrupt the sector than they had expected.
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Wolf will remain with the company to assist Gregory during a transition period lasting until September 30.
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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.
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The acquisition adds to Arch’s mortgage insurance operations in Bermuda, Europe and the US.
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The broker was most recently global head of the ILW practice for Aon’s reinsurance solutions unit.
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The PE house will inject growth equity capital into Premia after the all-paper deal.
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The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.
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He has held a seat on the company’s board since 2017.
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The deal with CNA subsidiary Continental Casualty reinsures excess workers’ compensation business relating to 2007 and prior-year business.
