Validus

The changing reinsurance market dynamics are impacting reinsurers' ability to raise rates.

Sven Wehmeyer, who will remain as CEO of Validus’s Zurich-domiciled reinsurance arm, replaced Steve Bardill as head of international on 1 June.

The diversification benefits and complementary capabilities Validus affords AIG, along with the parent’s move to split its life and P&C operations, factored into the upgrade.

His arrival comes in the wake of a series of departures from Validus Re’s specialty reinsurance team.

Tom Gregory, Cameron Maffit, Mark Robinson and Patrick Reardon have now started in their new roles.

Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.

New management and capital have a number of advantages, but they are undertaking a turnaround.

The deal including 2019 and prior-year business covers about $500mn of loss reserves.

Validus executive Cossu and nine of her team move to Hudson.

Ex-Ariel CFO Angus Ayliffe becomes the latest member to join the team, which Jeff Clements will lead.

Sources said AIG is offering some staff guaranteed bonuses and stay packages.

After the departure of Validus Re CEO Jeff Clements, Inside P&C compiles all the post-acquisition exits.