Tokio Marine

The move fits the broader strategy around dampening volatility, but sourcing capacity in the US domestic market will be tough.

Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.

If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.

The storm is not expected to be a threat to the order of Jebi or Hagibis.

Kellom most recently served as president of the public entities group at Intact Insurance Specialty Solutions.

Tokio Marine Highland (TMH) has promoted Linda Long to chief administrative officer, Eric Wurmser to COO and Kelly Cretti to specialty property division president.

The executive joined the Tokio Marine Kiln-owned MGA in 1995 and helped build the firm’s flood insurance division.

The construction book will be absorbed into Intact Specialty, with the carrier providing the paper for the newly purchased book.

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Tokio Marine has committed $42mn to the initial fund with plans to deploy more capital into subsequent fund cycles.

In the past year, criminals held more than $600mn in ransom, stole millions of citizen records, compromised a billion airline-passenger details and threatened the IT operations of 40,000 businesses.

Industry veteran Rick Girden runs the construction portfolio, which is projected to grow to $200mn this year.