Treaty Reinsurance
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Project is in its early stages, with a round of meetings held to stress test it with PE firms. -
After rapid intensification ahead of landfall, Hanna hit southern Texas as a Category 1 hurricane.
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He takes over from Jonathan Zaffino, who has begun a new role at Ascot Group as president of its US and Bermuda operations.
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The ratings agency said the carrier will be “challenged to improve its underwriting performance in the short term”.
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The executive previously held roles at JP Morgan and PwC.
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The losses were driven by severe weather events in Florida, Texas and Louisiana.
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Over four fifths of (re)insurers surveyed before the Covid-19 pandemic incorporate ESG into asset allocation, the asset management arm of the US bank finds.
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Activist investor Voce had previously criticised the performance of the firm's international businesses.
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The claims emanate from 14 weather events and amount to $12.8mn on an after-tax basis.
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US trade credit insurers have already cut capacity by 14% since the start of 2020.
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The move is an expected response to the carrier’s decision to cut its 2020-2021 cat reinsurance program.
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The market hones its US focus on reinsurance and surplus lines.
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