CRC Insurance Services
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The valuation for the Jay Rittberg-led program manager is understood to be $1bn+. -
Quota share is less common in the medmal space, where layered and shared structures have been dominant.
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The Jay Rittberg-led program manager kicked off a strategic process in August.
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Howden is facing fallout from its push into the US retail market via mass hires.
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The portfolio encompasses $5bn+ of subject premium across ~75 programs.
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An average of 81% of property accounts renewed flat or down.
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The executive will continue to lead CRC Insurisk in the expanded role.
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Renewal rates fell, despite elevated catastrophe losses.
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A London wholesaler broker would be a compelling second move.
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The CD&R and Stone Point-backed wholesaler said that further international deals may follow.
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Sixth Street and Cornell also bid for the wholesaler.
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The exchange is backed by $100mn in funding from CD&R and others.
